6090-86 Escrow agreement for Bunts Rd Resurface

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4- ESCROW AGREEMENT FOR HIGWWAY IMPROVEMENT This agreement made and entered at Lakewood , Ohio, this 20th day of flr+nhor , 1986, by and between the Legislative Authority of Lakewnnd Ohio, The Ohio Department of Transportation (ODOT) and (FINANCIAL INSTITUTIONS , a ress Ohio, muntcipa ,ty (te ep one no. WITTNESSETH That for and in consideration of the covenants and agreement of the parties herein contained, The ODOT hereby expressly authorizes 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 Two Hundred Forty Two Thousand Six Hundred Twenty - - - - - - - - - - - -00/100 Dollars, ($242,620.00), as required by The ODOT'S Invoice No. 6656 dated the 3rd day of October, 1986, on Project described as: Cuyahoga County - Bunts Road - CityE°of Lakewood - Federal Aid Project No. MR-1685(2), 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 the City'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 twentyfour (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 CONTRACT). 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. B