5856-84 Escrow agreement for Lake Ave resurfacing

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ESCROW AGREEMENT FOR HIGHWAY IMPROVEMENT This agreement made and entered at Lakewood Ohio, this seventh day of May 1984, by and between the Legislative Authority of Lakewood Ohio, The Ohio Department of Transportation (ODOT) and (FINANCIAL INSTITUTION) - address Ohio, ~municipaTity telephoneno. WITTNESSETH That for and in consideration of the covenants and agreement of the parties herein contained, The ODOT hereby expressly au--thorizes the City to deposit the pre-bid estimate (or some larger amount) of said City's participation share of project cost in the amount of Three Hundred Ninety Thousand Eight Hundred Seven - - - - - - - - - - - - - -00/100 Dollars, ($390,807.00), as required by The OBOT`S Invoice No. 5966 dated the 16th day of April, 1984, on Project described as Cuyahoga County - City of Lakewood - Lake Avenue - Federal Aid Project No. MR-1B96(l j, in an interest bearing account, repurchase agreement or certificate of deposit with the FINANCIAL INSTITUTION. Such funds shall thereupon remain on deposit for the credit of the ~ ODOT and said City until such time as payment of theCity's estimated participation share, as determined after receipt of bids, is ordered to be. paid by the Administrator of Contract Sales or the Director of ODOT. Upon receipt of such order for payment, IN THE. FORM OF A REVISED INVOICE, the FINANCIAL INSTITUTION hereby agrees to deliver and pay over to The ODOT, by return mail within twentvfour (24) hours, the funds so requested (but in no event more than the amount of the pre-bid estimate) and to deliver and pay over to the City the accrued interest thereon and any balance that may remain. (The City's ultimate share of the cost shall be determined in accordance with the FINAL RESOLUTION and the CONTRACTj. It is understood and agreed that funds on deposit pursuant to this agreement may be invested by the FINANCIAL INSTITUTION as provided herein and in accordance with applicable law and regulations..