23-3557 Locally Funded Agreement with FDOT for Shortfall Funding for CEI Services for Southcot Drive Bicycle/Pedestrian Improvements

Home Browse Search

DocuSign Envelope ID: A57A38E0-E3C2-4ED6-A4A2-FA5956F5404D FPN: 439064-2-62-01 Page 4 of 9 exceeds the LOCAL GOVERNMENT's share of the Federal -Aid Funding Shortfall costs if such refund is requested by the LOCAL GOVERNMENT in writing. (H) Should project modifications occur that increase the Federal -Aid Funding Shortfall costs, the LOCAL GOVERNMENT will be notified by the District accordingly. The LOCAL GOVERNMENT agrees to provide, without delay, adequate funds to ensure that cash on deposit with the DEPARTMENT is sufficient to fully fund the Federal -Aid Funding Shortfall Costs. The DEPARTMENT shall notify the LOCAL GOVERNMENT as soon as it becomes apparent the Federal -Aid Funding Shortfall Costs will overrun the advance deposit amount. However, failure of the DEPARTMENT to so notify the LOCAL GOVERNMENT shall not relieve the LOCAL GOVERNMENT from its obligation to pay for its full participation on final accounting as provided herein below. (1) The DEPARTMENT intends to have its final and complete accounting of all costs incurred in connection with the work performed hereunder within three -hundred and sixty (360) calendar days of final payment to the Consultant. All project cost records and accounts shall be subject to audit by a representative of the LOCAL GOVERNMENT for a period of three (3) years after final close out of the project. The LOCAL GOVERNMENT will be notified of the final cost. The parties agree that in the event the final accounting of total project costs pursuant to the terms of this agreement is less than the total deposits to date, a refund of the excess will be made by the DEPARTMENT to the LOCAL GOVERNMENT. If the final accounting is not performed within three - hundred and sixty (360) calendar days, the LOCAL GOVERNMENT is not relieved from its obligation to pay. (J) In the event said final accounting of total project costs is greater than the total deposits to date, the LOCAL GOVERNMENT will pay the additional amount within forty (40) calendar days from the date of the invoice. The LOCAL GOVERNMENT agrees to pay interest at a rate as established pursuant to Section 55.03, Florida Statutes (F.S.), on any invoice not paid within the forty (40) calendar days until the invoice is paid. (K) The payment of funds under this Locally Funded Agreement will be made directly to the DEPARTMENT for deposit and as provided in the attached escrow agreement between LOCAL GOVERNMENT, DEPARTMENT and the State of Florida, Department of Financial Services, Division of Treasury. (L) Contact Persons: