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Advance Deposit Payment Options <br /> Option 1-Cash <br /> The Local Agency will 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 /> Financial Services <br /> Attention: Cash Receipts Technician <br /> 355 Capitol Street NE, Room 434 <br /> Salem, Oregon, 97301-3872 <br /> Option 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 Department 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 shaze of the estimated cost must at all times be covered by some <br /> form of advanced deposit. We may ask the Local Government 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 /> <br /> ~w . <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 famish ODOT <br /> Financial Services with an irrevocable limited power of attorney, and a letter of confirmation of <br /> deposit of funds (sample attached). The letter of confirmation must include: <br /> 1. LGIP account # <br /> 2. Agreement # <br /> 3. Project # <br /> 4. Dollaz 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 Transportation <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 /> <br />