HomeMy WebLinkAbout1995 09 29 - Transfer of fundsMEMORANDUM OF UNDERSTANDING
Re: Transfer of Funds
This Memorandum is executed this 2.g4,h day of September, 1995,
between the City of Sebastian and Indian River County to record the
additional transactions necessary to effectuate the Interlocal Agreement
providing for the transfer of the City of Sebastian's water and wastewater
systems to Indian River County:
1. Indian River County will provide the City of Sebastian with fully
executed original Escrow Deposit Agreement within three working days
of the date of this Memo.
2. In order to fund the escrow account, Indian River County directed the
City of Sebastian to disburse funds shown on the closing summary
prepared by William R. Hough & Co. In accordance with the closing
summary, the City of Sebastian disbursed funds as follows:
Sebastian's sinking funds $ 128,741.25
Sebastian's Reserve Acct. & 808,379.50
Construction Proceeds $
Indian River County disbursed the funds as follows:
$4,131,031.92
4. The City of Sebastian is furnishing the sum of $850,000 to Indian River
County in accordance with the document which is marked as Attachment
#1.
5. The parties recognize that the operation of the Sebastian Utilities
System is an on-going business and there will be an adjustment of the
amount necessary to close this transaction. The amounts necessary to
complete the closing will be adjusted to account for accrued expenses
and outstanding balances, as indicated on Attachment #1.
6. There will be a original bond counsel opinion furnished to the City of
Sebastian within three working days.
7. The parties agree that Indian River County shall take total
responsibility for the utilities systems effective at 23:59 hours on
September 30, 1995.
8. There will be a verification report furnished to the parties from
McGladrey & Pullen with 30 days of the date of the Memorandum.
CITY TIAN, LO
Approved by: By
Arthur Firtion
City Attorney Mayor
INDIAN VER C NTY, LORIDA
Approved by: By
�� �� ennC h R. acht
ounty Attorney Chairman