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ESCROW AGREEMENT <br /> ~ FOR HIGH4IAY IMPROVEMENT <br /> This agreement made and enured at <br /> i <br /> Ohio, this ~~day of 1985,by and ~ <br /> f^" , <br /> between the Legislative Authority of Ohio, The ~ <br /> ~~~~=°y <br /> Ohio Departmentof Transportation '(0007) and <br /> (FI(ANCIAL INSTITUTION) <br /> a Tess <br /> , Ohio, <br /> municipa icy i, telep one no. <br /> <br /> Y WITTNESSETH <br /> That for and in consideration of the covenants and agreement of the parties <br /> herein contained, The ODOT hereby expressly authorizes the City to deposit the <br /> pre+ >zl estimate (or some larger amount) of said City's participation share of <br /> project cost in the amount of One ~lundred Ninety Five Thousand Two _ _ _ _ _ _ _ _ <br /> - - - - - -00/100 Dollars, ($795,0'02.00), as required 6y The ODOT'S Invoice No. E389 <br /> dated the 1st day ofAugust> 1985,on Project described as: CUYAHOGA COUNTY - CITY <br /> OF LAKEWOOD - WARREA ROAD - FEDERA4' AID PROJECT N0. MR-1C11(3), in an interest <br /> i <br /> bearing account, repurchase agreemint or certificate of deposi# with the FINANCIAL <br /> INSTITUTION. Such funds shall the~eupon remain on deposit for the credit of the <br /> ODOT and said City until such timeas payment of the City's estimated participation <br /> share, as determined after receiptiof bids, is ordered to be paid by the Administrator <br /> of Contract Sales or the Director of ODOT. Upon receipt of such order for payment, <br /> IN THE FORM OF A REVISED INVOICE, ~he FINANCIAL INSTITUTION hereby adrees to deliver <br /> and pay over to The ODOT, by returrj mail within twentVfour (24) hours, the funds <br /> so requested (but in no event more than the amount of the pre-bid estimate) and <br /> to deliver and pay over to the Lity the accrued interest thereon and any balance <br /> that may remain. (The City's ultimate share of the cost shall be determined in <br /> accordance with the fINAI RESOLUTIdN and the COf1TRACT). <br /> It is understood and agreed that funds on deposit pursuant to this agreement <br /> may be invested by the FINANCIAL INSTITUTION as provided herein and in accordance <br /> with applicable law and regulations, <br /> i <br /> <br />