4212 - 63 Supplemental agreement w/ Westlake Cab

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RESOLUTION NO. 4212 BY: Messrs. Usher, Ward, Wendting, Williamson, Gaydos, Huffman, LawthSr. AN EMERGENCY RESOLUTION authorizing and instructing the Mayor to execute a supplemental agreement with the Westlake Cab Service Company and the Cleveland Trust Company to provide for an increase in the security covering personal injury in the event of accidental injury, and declaring an emergency. WHEREAS, The City of Lakewood, heretofore on April 8, 1953, entered into an agreement supplemental to the original agreement entered into on August 19, 1950, with the Westlake Cab Service Company and the Cleveland Trust Company, under which the Westlake Cab Service Company has agreed to furnish security to cover payment of final judgments for personal injury suffe~sd ink, the event of accident, the required security for accidental injury to one person being $5,000.00 and the required security for accidental injury to more than one person being $10,000.00, and, WHEREAS, Since the execution of the said supplemental agreement, the statutes of Ohio have been amended to require financial security in the amount of $10,000.00 for injury to one person and the sum of $20,000.00 for injury to more than one person in the same accident, and, WHEREAS, The Westlake Cab Service Company has tendered a supplemental agreement, under the terms of which the agreement hereinabove referred to will be amended by increasing the amount of the security agreed to be furnished to cover final judgments for accidental injury to one person from $5,000.00 to $10,000.00, for accidental injury to more than one person in the same accident from $10,000.00 to $20,000.00, and, WHEREAS, Said supplemental agreement makes no other change in the terms and provisions of said agreement he~einabove referred to, and, WHEREAS, An emergency exists for the reasons herein- after stated, requiring that this resolution go into immediate effect; now, therefore, BE IT RESOLVED ~Z THE COUNCIL OF THE CITY OF LAI~dEWOOD, STATE OF OHIO: Section 1. The supplemental agreement hereinabove referred to shall forthwith be submitted to the Law Director for examination as to form° Section 2. If said supplemental agreement is approved by the Law Director as to form, he shall forthwith endorse upon it his such approval and transmit the supplemental agreement thus approved to the Mayor. In the event that the supplemental agreement is disapproved by the Law Director, he7 shall forthwith transmit the agreement to the Mayor together with a written statement of the reasons for his failure to approve the same.