Common Contracts
1 similar Mou contracts
AGREEMENT RELATING TO TREATMENT OF RESERVES ON WINDING UP OF BOSTON AREA REGENERATION COMPANYMou • May 19th, 2014
The Cabinet agreed at its December meeting that Council be recommended to close the Boston Area Regeneration Company as a company with effect from 31 March 2010 at the latest and its assets transferred to an Escrow account controlled by Boston Borough Council and Lincolnshire County Council. The attached draft Agreement, drawn up with Legal Services Lincolnshire, sets out the proposed framework for establishing and managing the account. The draft Agreement would fully achieve the Cabinet's objectives and would also be acceptable to LCC and EMDA. Although it may not meet the legal definition of an Escrow account, the Agreement would take the form of a legally binding contract between the parties and would ensure joint control of the funding by BBC and LCC. The key terms of the agreement are:
