HomeMy WebLinkAboutDepartment of the Army
Augusta Richmond GA
DOCUMENT NAME: ~. O~ -\YJe A'('(Y\~
DOCUMENT TYPE: ~XEt:rnefll-
YEAR: C\ l
BOX NUMBER: (C:/~
FILE NUMBER: \~~q
NUMBER OF PAGES: e
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ESCROW AGREEMENT
This Agreement, made and entered into this 3rd day of
November, 1997, by and between Richmond County Georgia,
(hereinafter referred to as the "Contributor"), the Department of
the Army (hereinafter referred to as the "Government") and Allied
Bank of Georgia (hereinafter referred to as the "Bank").
WITNESSETH THAT:
WHEREAS, on the 10th day of October 1997, the Contributor and
the Government entered into a Memorandum of Agreement for the
Dewatering and Repair of the Lock of the New Savannah Bluff Lock
and Dam; and,
WHEREAS, pursuant to the Memorandum of Agreement, the
Contributor is required to contribute, in advance of award of the
construction contract, a cash contribution calculated in
accordance with said Agreement; and,
WHEREAS, the Contributor and the Government have agreed that
the requir~d contribution may be deposited into an escrow account
and held therein until the Government withdraws the funds in
accordance with the Memorandum of Agreement; and,
WHEREAS, the Bank has agreed to serve as depository for the
escrow account ad to accept appointment as escrow agent;
NOW, THEREFORE, the parties agree as follows:
1. The Bank is hereby appointed as the escrow agent for the
Contributor and is designated the depository for the monies
delivered by the Contributor pursuant to the aforementioned
Memorandum of Agreement. The Bank shall establish "New Savannah
Bluff Lock and Dam Project Construction Fund" (hereinafter
referred to as the "Escrow Account") into which shall be
deposited the funds delivered by the Contributor.
2. In accordance with the method of payment provisions of
the Memorandum of Agreement, the Contributor shall absolutely and
irrevocably deliver to the Bank the funds required to be provided
to the Government during the construction period.
3. The funds held in Escrow Account shall earn interest at a
rate as the Bank and Contributor may mutually agree. To the
extent the Contributor authorizes the Bank to invest the funds in
any instrument other than .an interest-bearing account, savings
certificate, or certificate of deposit of the Bank itself, such
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investment shall be only in direct obligations of the Government
of the United States of America or in obligations of agencies or
insurers that are guaranteed by the Government of the United
States of America. Any instrument must be subject to redemption
on or prior to the dates the funds will be needed by the
Government. Interest on the funds deposited shall accrue and
belong to the Contributor, and shall be payable to the
Contributor as the Bank and the Contributor may agree.
4. The Government, acting pursuant to the terms of the
Memorandum of Agreement, shall have the sole and unrestricted
right to draw upon all or an part of the funds deposited in the
Escrow Account. A written demand for withdrawal shall be made to
the Bank by the District Engineer, USAED, Savannah, or his
designee, with a copy of said demand provided to the Contributor.
Within ten (10) days of receipt of demand, the Bank shall pay to
the Government the amount requested to the extent such amount
does not exceed the balance available in the Escrow Account. All
payments shall be in the form of bank drafts payable to the "FAO,
USAED, Savannah", and shall be mailed or otherwise delivered to
the government as specified below in Article 9.
5. Upon receipt of signed certification by the Government
that no further demand for payment of money will be made, the
Bank shall complete a final accounting of other obligations
required under this Agreement, and pay over the balance remaining
to the Contributor.
6. The fee to be paid to the Bank for the services provided
hereunder shall be as the Bank and the Contributor may mutually
agree. Any fee paid to the Bank shall be the sole responsibility
of the Contributor. The Bank shall have no right to deduct
monies from the principal escrow sum to pay for its services. In
the event the Contributor fails to make payment to the Bank for
its services, all claims for such payment shall be made directly
against the Contributor. The Government shall not be responsible
for any costs attributable to the establishment, maintenance,
administration, or any other aspect of the Escrow Account.
7. Account statements shall be rendered by the Bank to the
Contributor and the Government once monthly, and shall show
deposits, disbursements, and balances, and the dates thereof.
Upon receipt by the Bank of the certification specified in
paragraph 5 above, the Bank shall prepare a final accounting
showing all transactions relating to the Escrow Account and
provide said accounting to the Contributor and the Government at
the addresses shown in paragraph 9.
8. It is understood and agreed that the Bank shall not be
liable or responsible to ascertain the terms or conditions of any
,-
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.
provision of the aforementioned Memorandum of Agreement between
the Contributor and the Government. It is further understood and
agreed that if any controversy arises between the Government and
the Contributor, or with any other party with respect to the
subject matter of this Agreement, the Bank is authorized, unless
precluded by order of a court of competent jurisdiction, to
disburse monies to the Government in accordance with the terms of
this Agreement.
9. All notices, statements, payments specified in under this
Agreement shall be deemed to have been duly given if in writing
and delivered personally, given by prepaid telegram, or mailed by
first-class (postage prepaid), registered, or certified, mail, as
follows:
If to the Contributor:
Mayor Larry Sconyers
Augusta-Richmond County Commission
530 Greene Street
Augusta, Georgia 30901
If to the Government:
District Engineer
U.S. Army Engineer District, Savannah
Post Office Box 889
Savannah, Georgia 31402-0889
If to the Bank:
Allied Bank of Georgia
700 Broad Street
Augusta, Georgia 30901
10. Nothing in this Agreement shall be considered as
vesting title in the Bank to the amount deposited, except as'
Trustee for the Contributor and the Government for the purposes
set forth herein. Title to said funds shall not vest in the
Government until payment to the Government is made as provided
herein.
11. This Agreement shall take effect upon the initial
deposit of funds into the Escrow Account by the Contributor and
shall continue in full force until the certification specified in
paragraph 5 hereof is received by the Bank and the balance
remaining is returned to the Contributor, unless earlier
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terminated by the written mutual agreement of the Contributor and
the Government.
12. This Agreement may not be amended except by written
modification signed by the parties hereto.
IN WITNESS WHEREOF, the Contributor, the Government, and the
Bank have executed this Agreement on the date first above
written.
By:
- i?-. ry
May~r:
-Augu_t -Richmond County Commission
Attested:~ '11:L.r>y 4) ~f)2~
T~artment of the
By:. --;Z~
....-c;rant M. Smith
Colonel, U.S. Army
District Engineer
Army
The Allied Bank of Georgia
By: ~.e~
Vice President
Allied Bank ?f ~i~
Attested: _~~~~
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ESCROW AGREEMENT
This Agreement, made and entered into this 3rd day of
November, 1997, by, and between Richmond County Georgia,
(hereinafter referred to as the "Contributor"), the Department of
the Army (hereinafter referred to as the "Government") and Allied
Bank of Georgia (hereinafter referred to as the "Bank").
WITNESSETH THAT:
WHEREAS, on the 10th day of October 1997, the Contributor and
the Government entered into a Memorandum of Agreement for the
Dewatering and Repair of the Lock of the New Savannah Bluff Lock
and Dam; and,
WHEREAS, pursuant to the Memorandum of Agreement, the
Contributor is required to contribute, in advance of award of the
construction contract, a cash contribution calculated in
accordance with said,Agreement; and,
WHEREAS, the Contributor and the Government have agreed that
the required contribution may be deposited into an escrow account
and held therein until the Government withdraws the funds in
accordance with the Memorandum of Agreement; and,
WHEREAS, the Bank has agreed to serve as depository for the
escrow account ad to accept appointment as escrow agent;
NOW, THEREFORE, the parties agree as follows:,
1. The Bank is hereby appointed as the escrow agent for the
Contributor and is designated the depository for the monies
delivered by the Contributor pursuant to the aforementioned _
Memorandum of Agreement. The Bank shall establish "New Savannah
Bluff Lock and Dam P~oject Construction Fund" (hereinafter
referred to as the "Escrow Account") into which shall be
deposited the funds delivered by the Contributor.
I ,
2. In accordance with the method of payment provisions of
the Memorandum of Ag~eement, t?e Cqntributor shall absolutely and
irrevocably deliver to the Bank the funds required to be provided
to the Government during the construction period.
!
3. The funds held in Escrow Account shall earn interest at a
rate as the Bank and:Contributor may mutually agree. To the
extent the Contributor authorizes the Bank to invest the funds in
any instrument other than an interest-bearing account, savings
certificate, or certificate of deposit of the Bank itself, such
/ 9
investment shall be only in direct obligations of the Government
of the United States of America or in obligations of agencies or
insurers that are guaranteed by the Government of the United
States of America. Any instrument must be subject to redemption
on or prior to the dates the funds will be needed by the
Government. Interest on the funds deposited shall accrue and
belong to the Contributor, and shall be payable to the
Contributor as the Bank and the Contributor may agree.
4. The Government, acting pursuant to the terms of the
Memorandum of Agreement, shall have the sole and unrestricted
right to draw upon all or an, part of the funds deposited in the
Escrow Account. A written demand for withdrawal shall be made to
the Bank by the District Engineer, USAED, Savannah, or his
designee, with a copy of said demand provided to the Contributor.
Within ten (10) days, of receipt of demand, the Bank shall pay to
the Government the amount requested to the extent such amount
does not exceed the balance available in the Escrow Account. All
payments shall be in the form of bank drafts payable to the "FAO,
USAED, Savannah", and shall be mailed or otherwise delivered to
the government as specified below in Article 9.
5. Upon receipt of signed certification by the Government
that no further demand for payment of money will be made, the
Bank shall complete a final accounting of other obligations
required under this Agreement, and pay over the balance remaining
to the Contributor.
6. The fee to be paid to the Bank for the services provided
hereunder shall be a? the Bank and the Contributor may mutually
agree. Any fee paid:to the Bank shall be the sole responsibility
of the Contributor. The Bank shall have no right to deduct
monies from the principal escrow sum to pay for its services. In
the event the Contributor fails to make payment to the Bank for
its services, all claims for such payment shall be made directly
I
against the Contributor. The Government shall not be responsible
for any costs attributable to the establishment, maintenance,
administration, or any other aspect of the Escrow Account.
7. Account statements shall be rendered by the Bank to the
Contributor and the ~overnment once monthly, and shall show
deposits, disburseme~ts, and balances, and the dates thereof.
Upon receipt by the Bank of the certification specified in
paragraph 5 above, the Bank shall prepare a final accounting
showing all transactions relating to the Escrow Account and
provide said accounting to the Contributor and the Government at
the addresses shown ~n paragraph 9.
8. It is understood and agreed that the Bank shall not be
liable or responsible to ascertain the terms or conditions of any
f
. .
provision of the aforementioned Memorandum of Agreement between
the Contributor and the Government. It is further understood and
agreed that if any controversy arises between the Government and
the Contributor, or ~ith any other party with respect to the
subject matter of this Agreement, the Bank is authorized, unless
precluded by order of a court of competent jurisdiction, to
disburse monies to the Government in accordance with the terms of
this Agreement.
9. All notices,: statements, payments specified in under this
Agreement shall be deemed to have been duly given if in writing
and delivered personally, given by prepaid telegram, or mailed by
first-class (postage prepaid), registered, or certified mail, as
follows:
If to the Contributor:
Mayor Larry Sconyers
Augusta-Richmond County Commission
530 Greene Street
Augusta, Georgia 30901
If to the Government:
District Engineer
B.S. Army Engineer District, Savannah
Post Office Box 889
Savannah, Georgia 31402-0889
If to the Bank:
Allied Bank of Georgia
700 Broad Street
Augusta, Georgia 30901
10. Nothing in 'this Agreement shall be considered as
vesting title in the ~Bank to the amount deposited, except as
Trustee for the Cont~ibutor and the Government for the purposes
set forth herein. Title to said funds shall not vest in the
Government until payment to the Government is made as provided
herein. '
11. This Agreem~nt shall take effect upon the initial
deposit of funds into the Escrow Account by the Contributor and
shall continue in full force until the certification specified in
paragraph 5 hereof is received by the Bank and the balance
remaining is returned to the Contributor, unless earlier
1". -~-
terminated by the written mutual agreement of the Contributor and
the Government.
12. This Agreement may not be amended except by written
modification signed by the parties hereto.
IN WITNESS WHEREOF, the Contributor, the Government, and the
Bank have executed this Agreement on the date first above
written.
By:
"
County Commission
Attested: /JCLtf U. 'tnB>~
T~rtment of the
By: ~~
..A;rant M. Smith
Colonel, U.S: Army
District Engineer
Army
of Georgia
By:
Cedric J. hnson
Vice President
Allied ~f Georgia
Attested: j :Q.~~