2002 AGN JUN 04 I13 - Laserfiche WebLink

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professional services contracts relating to the Mount Vernon Corridor Projects. All funds deposited to the Special Fund by the Agency (plus accrued interest on the invested balance of such Agency funds) shall be disbursed by the fiscal agent appointed in Section 5(b) to the City for costs of the Mount Vernon Corridor Projects, upon the order and instruction of the Agency. (b) The City and the Agency hereby appoint Union Bank of California, N.A., or a successor financial institution acceptable to each of them, to serve as fiscal agent for the Special Fund. The fiscal agent shall hold and invest funds as tendered to it by the Agency for the Special Fund in accordance with an escrow agreement substantially in the form attached hereto as Exhibit "A". (c) All funds held by the fiscal agent in the Special Fund shall be invested pending disbursement, in permitted, local government investments as described in Government Code Section 53601, in accordance with the written instructions of the City. (d) In the event that any funds may remain in the Special Fund on or after June 15, 2005, the Agency shall instruct the fiscal agent to disburse such funds to the order and account of the Agency. (e) Concurrently upon the full execution of this Agreement by a date no later than June 30, 2002, the Agency shall draw the sum of $2,349,697 from the Bond Proceeds Account (or such other greater or lesser sum as then confirmed to be available) and deposit such sum into the Special Fund. (f) Within thirty (30) days following the written request of the Agency, the City shall deposit such available funds into the Special Fund as the Agency may direct in order to pay for the remaining balance, if any, of the cost for the completion of the Mount Vernon Corridor Projects in excess of the sum of $2,349,697, plus accrued interest, as deposited with the Special Fund by the Agency under Section 5(e). 6. CITY SHALL PROVIDE PUBLIC WORKS CONSTRUCTION PROJECT MANAGEMENT SERVICES FOR MOUNT VERNON CORRIDOR PROJECTS (a) The Agency hereby engages the City to provide construction project management services to complete the preparation of all public works project plans and specifications, to conduct public works bidding as required by law and to award and manage and administer each public works construction contract for the Mount Vernon Corridor Projects. The City hereby agrees to cause the Mount Vernon Corridor Projects to be acquired , constructed and installed as provided herein and the City hereby accepts such engagement from the Agency and the City agrees to provide, or cause to be provided, all necessary public works construction project management supervision and services for the projects, including, without limitation, the following services: 1. The Agency hereby assigns its interest in each consulting engineer contract for the preparation of plans and specifications for the Mount 4 SB2002:10853.1