Assignment of State Grant Funds Sample Clauses

Assignment of State Grant Funds. The Parties recognize that the Port Everglades Department of Broward County will be a recipient of certain grants funds from the State of Florida Strategic Intermodal System in the amount of Six Million Forty-Eight Thousand and No/100 ($6,048,000.00) Dollars and an additional Twelve Million and No/100 ($12,000,000.00) Dollars (collectively, the “Grant Funds”), all of which is eligible to be used for the ICTF, including without limitation the design, engineering, construction, and construction management and oversight thereof. Further, the Parties will effectuate an assignment of the Grant Funds from the County to FEC, for the purposes of design and construction of the ICTF. Assignment of the Grant Funds shall be in accordance with all applicable FDOT rules, procedures, and regulations. The Port Everglades Department Chief Executive is authorized to approve and execute all required agreements and legal instruments required to effectuate the assignment of the Grant Funds to FEC. In furtherance of the Parties’ intent to have the Grant Funds flow directly to FEC for the ICTF, FEC is permitted to enter into a Joint Participation Agreement directly with FDOT in connection with the Grant Funds. The County will execute any documentation required by FDOT in order to confirm the provisions of this Section, including without limitation that, if required by FDOT, the County will join in the execution of such Joint Participation Agreement.
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Related to Assignment of State Grant Funds

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