21-3232 - Escrow Agmt with FDOT, FDFS re Quail Pond Cir Connectivity

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THREE PARTY ESCROW AGREEMENT THIS AGREEMENT is made and entered into by and between the State of Florida, Department of Transportation ("DEPARTMENT"), the City of Casselberry ("LOCAL GOVERNMENT"), and the State of Florida, Department of Financial Services, Division of Treasury ("Escrow Agent"), and shall become effective upon the Agreement's execution by Escrow Agent. WHEREAS, the DEPARTMENT and the LOCAL GOVERNMENT are engaged in the following project ("Project"): Project Name: Quail Pond Circle Connectivity Project #: 442861-2-62-01 County: Seminole WHEREAS, the DEPARTMENT and the LOCAL GOVERNMENT desire to establish an escrow account for the project. NOW THEREFORE, in consideration of the premises and the covenants contained herein, the parties agree to the following: An initial deposit will be made into an interest-bearing escrow account established hereunder for the purposes of the Project. The escrow account will be opened with the Escrow Agent on behalf of the DEPARTMENT upon Escrow Agent's receipt and execution of this Agreement. 2. Other deposits to the escrow account may be made during the life of this agreement. 3. Deposits will be delivered in accordance with instructions provided by the Escrow Agent to the DEPARTMENT for deposit into the escrow account. A wire transfer or ACH deposit is the preferred method of payment and should be used whenever possible. 4. The DEPARTMENT'S Comptroller or designee shall be the sole signatory on the escrow account with the Escrow Agent and shall have sole authority to authorize withdrawals from the account. Withdrawals will only be made to the DEPARTMENT or the LOCAL GOVERNMENT in accordance with the instructions provided to the Escrow Agent by DEPARTMENT'S Comptroller or designee. 5. Moneys in the escrow account will be invested in accordance with section