6090-86 Escrow agreement for Bunts Rd Resurface

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RESOLUTION N0: 6090-86 BY: Chinnock, Gallagher, Graham, McBride, Salmon, Wendling AN EMERGENCY RESOLUTION authorizing the City to enter into an Escrow Agreement for highway improvement with a local financial institution for its share of the Bunts Road Resurfacing Project. WHEREAS, the City has entered into an agreement with the Ohio Department of Transportation for the resurfacing of Bunts Road from Clifton Boulevard to Lakewood Heights Boulevard on a cost share basis, and, WHEREAS, pursuant to said agreement the City is required to deposit its estimated participation share of said project cost, and WHEREAS, this resolution constitutes an emergency measure providing for the immediate preservation of the public health, safety and welfare and for the usual daily operation of a municipal department; now, therefore, n BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the Mayor be and he is authorized and directed to enter into an Escrow Agreement for highway improvement with a local financial institution, for the City's share of the Bunts Road Resurfacing Project. Said Agreement would be substantially as set forth in Exhibit "A" attached hereto and made part hereof. Section 2. That the Director of Finance is hereby authorized and directed to negotiate and select the financial institution in which such funds are to be deposited in escrow. Section 3. It is found and determined that all formal actions of this Council concerning and relating to the passage of this resolution were adopted in an open meeting of this Council, and that all such deliberations of this Council and of any of its committees that resulted in such formal action were in meetings open to the public, in compliance with all legal requirements including Section 121.22 of the Ohio Revised Code. Section 4. That this resolution is hereby declared to be an emergency measure for the reasons stated in, the preamble hereof and provided it receives the affirmative vote of two-thirds of all members elected to Council, it shall take effect and be in force. immediately upon its adoption and approval by the Mayor; otherwise, it shall take effect and be in force after the earliest period allowed by law. r1~~~~ ADOPTED: GKiLO'Udit,~d./~~lo { si en't Clerk APPROVED:_~~~;Iti:.'_'"~G r _.~f?~~G'et,~~ ayor J"