Memorandum of Agreement MEMORANDUM OF AGREEMENT
THIS AGREEMENT, made and entered into this , day of , 20_,
by and between the State of Florida, Department of Transportation, hereinafter referred
to as "FDOT" and the State of Florida, Department of Financial Services, Division of
Treasury, hereinafter referred to as 'TREASURY" and the City of Miami Beach
hereinafter referred to as the "PARTICIPANT".
WITNESSETH
WHEREAS, FDOT is currently constructing the following project:
Main Financial Project No.: 250236-3-52-03
County: Miami-Dade
hereinafter referred to as the "PROJECT".
WHEREAS, FDOT and the PARTICIPANT entered into a Locally Funded
Agreement (LFA) dated , 20_, wherein FDOT agreed to perform
certain work on behalf of the PARTICIPANT in conjunction with the PROJECT.
WHEREAS, the parties to this AGREEMENT mutually agreed that it would be in
the best interest of FDOT and the PARTICIPANT to establish an interest bearing escrow
account to provide funds for the work performed on the PROJECT on behalf of the
PARTICIPANT by FDOT.
NOW THEREFORE, in consideration of the premises and the covenants contained
herein, the parties agree to the following:
1. An initial deposit in the amount of One Hundred Twenty Six Thousand Five
Hundred Thirty Dollars ($126,530.00) will be made by the PARTICIPANT into
an interest bearing escrow account established by FDOT for the purposes of
the PROJECT. Said escrow account will be opened with the TREASURY on
behalf of FDOT upon receipt of this Memorandum of Agreement. Such
account will be an asset of FDOT.
2. Other deposits will be made only by the PARTICIPANT as necessary to cover
the cost increases or the cost of additional work prior to the execution of any
Supplemental Agreements or Amendments.
3. Payment will be made as follows (check appropriate payment method):
0 Wire transfer
E] ACH deposit
F-] Check
A wire transfer or ACH deposit is the preferred method of payment and
should be used whenever possible. Following is the wiring and ACH
deposit instructions:
For wire transfers: Bank of America
Account # 001009068974
ABA # 026009593
Chief Financial Officer of Florida
Re: DOT — K 11-78, Financial Project #
For ACH deposits: Bank of America
Account # 001009068974
ABA # 063100277
Chief Financial Officer of Florida
Re: DOT — K 11-78, Financial Project#
If a check is the method of payment, the check shall be made payable to
the Department of Financial Services, Revenue Processing and mailed to
FDOT, OOC-GAO for appropriate processing at the following address:
Florida Department of Transportation
OOC-GAO, LFA Section
605 Suwannee Street, MS 42B
Tallahassee, Florida 32399
4. FDOT's Comptroller or designee shall be the sole signatories on the escrow
account with the TREASURY and shall have sole authority to authorize
withdrawals from said account.
5. Unless instructed otherwise by the FDOT, all interest accumulated in the
escrow account shall remain in the account for the purposes of the PROJECT
as defined in the LFA.
6. The TREASURY agrees to provide written confirmation of receipt of funds to
FDOT.
7. The TREASURY further agrees to provide periodic reports to FDOT.
STATE OF FLORIDA STATE OF FLORIDA
DEPARTMENT OF TRANSPORTATION DEPARTMENT OF FINANCIAL SERVICES,
COMPTROLLER DIVISION OF TREASURY
A I PAT IGNATURE
ATTEST PARTICIPANT NAME & TITLE -
1`ho Loo vo�6n C" �Y .
PARTICIPANT ADDRESS
M i uA i 7>e&&k Fl . 3313
,5q- �oDb 3-g-
FEDERAL EMPLOYER I.D. NUMBER
APPROVED AS TO
FORM & LANGUAGE
&FOR EXECUTION
om G Date