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Advance Deposit Payment Options <br />Option 1- Cash <br />The Local Agency wili make their check in the prescribed amount payable to the Oregon <br />Department of Transportation (ODOT) and send it to: <br />Oregon Department of Transportation <br />Finaneial Services <br />Attention: Cash Receipts Technician <br />355 Capitol Street NE, Room 434 <br />Salem, Oregon, 97301-3872 <br />Optiou 2- Letter of Credit <br />The Local Agency will obtain an irrevocable letter of credit from a bank, savings bank, trust <br />company or savings association, and send it to: <br />Oregon Depariment of Transportation <br />Program & Funding Services <br />Attention: Susan Link ' <br />355 Capitol Street NE, Room 212 <br />Salem, Oregon, 97301-3872 <br />Note: The Local Government share of the estimated cost must at all times be covered by some <br />form of advanced deposit. We may ask the Local Govemment to extend a letter of credit upon its <br />expiration, or they may choose to replace the balance of an expired letter of credit with either <br />~ cash or a deposit in the Local Government Investment Pool. <br />. Option 3- Local Government Investment Pool (LGIP) <br />The Local Agency will wire the prescribed amount from their bank to the State Treasurer's Office <br />for deposit in the Local Government Investment Pool. The Local Agency will fumish ODOT <br />Highway Finance Office with an irrevocable limited power of attorney, and a letter of <br />confirmation of deposit of funds (sample attached). The letter of confirmation must include: <br />l. LGIP account # <br />2. Agreement # <br />3. Proj ect # <br />4. Dollar amount of the funds deposited <br />5. Specifically state the funds have been deposited for ODOT withdrawal <br />6. Name of the project the funds are being deposited for <br />7. Authorized signature of Local Agency <br />Send to: <br />Oregon Department of Tiansportation <br />Program & Funding Services <br />Attention: Susan Link <br />355 Capitol Street NE, Room 212 <br />Salem Oregon, 97310-3872 <br />The Local Agency will receive the interest, which is credited daily and posted monthly. A <br />monthly statement will be furnished by the State Treasurer, showing transactions and accrued <br />interest. <br />