HomeMy WebLinkAboutAssignment of Funds FormASSIGNMENT OF FUNDS TO THE CITY OF RENTON
Applicant: Bank:
Owner: Branch:
Address: Address:
Phone: Phone:
Email: Fax:
Attention: Attention:
Title: Title:
The above referenced bank hereby certifies that $
is on deposit in account # , under the name of the City of Renton, to secure
the applicant’s performance of the following work required in connection with the plat or project described below:
Plat or Project:
Location/Address of Plat or Project:
The required work is generally described as the following:
The bank hereby certifies and agrees that these funds will not be released without written instructions from an
authorized agent of the City of Renton (the City). We further agree that these funds will be paid to the City within ten
(10) days of receiving written notice that the City has determined that the required work has not been properly
performed. The bank shall have no duty or right to evaluate the correctness or appropriateness of any such notice or
determination by the City and shall not interplead or in any manner delay payment of said funds to the City.
The applicant hereby agrees to this Assignment of Funds and that its obligation to perform the required work is not
limited to the amount of funds held by the bank.
This Assignment of Funds is irrevocable and cannot be cancelled by the bank or applicant. These funds may not be
assigned, pledged, used as security or otherwise made available to the applicant, bank or third party without the prior
written consent of the City.
Applicant/Owner Name of Bank Officer (Print)
Authorized Signature Authorized Signature
Title Title
Date Date
H:\CED\Data\Forms-Templates\Self-Help Handouts\Public Works\Assignment of Funds.docx Rev: 02/12/15