HomeMy WebLinkAboutFlorida Department of Insurance, Division of Treasury Memorandum of Agreement 1994 12 12
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MEMORANDUM OF AGREEMENT
EXHIBIT "A"
THIS AGREEMENT, made and entered into this 12th , day of December
1994, by and between the State of Florida, Department of Transportation, hereinafter
referred to as "DEPARTMENT" and the State of Florida, Department of Insurance, Division
of Treasury, hereinafter referred to as "TREASURY" and CITY OF WINTER SPRINGS,
hereinafter referred to as the "PARTICIPANT".
WITNESSETH
WHEREAS, the DEPARTMENT is currently constructing the following project:
State Project No: 77070-6517
F . A. P. No.:
W.P.I. No.: 5117657
County: Seminole
hereinafter referred to as the "PROJECT".
WHEREAS, the DEPARTMENT and the PARTICIPANT entered into.. a Joint proj ect
Agreement (JPA) dated December 12, 1994 wherein DEPARTMENT 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 the DEPARTMENT and the PARTICIPANT if an escrow account were
established to provide funds for the additional work performed on the PROJECT on behalf
of the PARTICIPANT by DEPARTMENT.
NOW THEREFORE, in consideration of the premises and the covenants contained f
herein the parties agree to the following: $194,726.00(One hundred ninety four
thousand, seven hundred twenty six Dollars and 00 Cents)
1. An initial deposit in the amount of ~ -l:'&3.., 3&7-.~- ~Gne- -HWiGlr-ed- i:3.S~- O~e
T.flEll.1sand'T - ~.h~lDe. _ lhmdred _ Eig.ht.}r _ ..5.eyeIl _ Q~rs _ ~ _ ~[J - .celles) will be made by the
PARTICIPANT into an escrow account. Said escrow account will be opened by the
DEPARTMENT on' behaif of the PARTICIPANT in the name of the Florida Department of
Transportation with the Department of Insurance, Division of Treasury, Bureau of
Collateral Securities. Such account will be opened and shall be deemed to be an asset
of DEPARTMENT.
2. Other deposits will be made only by the PARTICIPANT as necessary to cover the
cost of the UTILITY work prior to the execution of any Supplemental
Agreements.
3. All deposits shall be made payable to the Department of Insurance. Revenue
processinq and mailed to the DEPARTMENT's Office of Comptroller for appropriate
processing at the following address:
Florida Department of Transportation
Office of Comptroller .(M;S. 42)
605 Suwannee Street
Tallahassee, Florida 32399-0450
ATTN: JPA Coordinator
A copy of.the Agreement shall accompany the deposits.
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4. The DEPARTMENT's Comptroller and/or his designees shall be. the sole
signatories on the escrow account with Department of Insurance and shall have sole
authority to authorize withdrawals from said account.
5. Unless instructed otherwise by the parties hereto, all interest accumulated
in the escrow account shall remain in the account for the purposes of the project as
defined in the JPA.
6. The TREASURY agrees to provide written confirmation of receipt of funds to
the DEPARTMENT.
7. The TREASURY Office further agrees to provide periodic reports to the DOT.
IN WITNESS WHEREOF, the parties hereto have caused these presents to be executed by
their duly authorized officers, and their o~ficials seals hereto affixed, the day and
year first above written.
PARTICIPANT:
OI~:_jPZ'R S:lINGS ...
. ~ ~ John F. Bush, Ma or
BY:
SEAL
ity Clerk
ADDRESS:
Winter Springs, Fl. 32708
PARTICIPANT'S FEDERAL TAX I.D. # 59-1026364
STATE OF FLORIDA
DEPARTMENT OF TRANSPORTATION
COMPTROLLER
BY:
{Title:
STATE OF FLORIDA
DEPARTMENT OF INSURANCE, DIVISION OF TREASURY
BY:
{Title:
ATTEST:
{Title:
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