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<br /> ~i <br /> RESOLUTION N0. 5990-85 BY: Brown, Chinnock, Gallagher, Graham, <br /> McBride, Salmon, Wendling <br /> AN EMERGENCY RESOLUTION authorizing the City to enter into an Escrow <br /> Agreement for highway improvement with a local financial institution <br /> for its share of the Warren Road Resurfacing Project. <br /> WHEREAS, the City has entered into an agreement with the Ohio Depart- <br /> ment of Transportation for the resurfacing of Warren Road from Detroit <br /> Avenue to Lakewood Heights Blvd. on a cost share basis, and, <br /> WHEREAS, PURSUANT TO SAID AGREEMENT THE City is required to deposit <br /> its estimated participation share of said project cost, and <br /> WHEREAS; this resolution constitutes an emergency measure providing <br /> for the immediate preservation of the public health, safety and <br /> welfare and for the usual daily operation of a municipal department; <br /> now, therefore, <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO <br /> Section 1. That the Mayor be and he is authorized and directed to <br /> enter into an Escrow Agreement for highway improvement with a local <br /> financial institution, for the City's share of the Warren Road Re- <br /> surfacing project. Said Agreement would be substantially as set forth <br /> in Exhibit "A" atiached hereto and made a part hereof. <br /> Section 2. That the Director of Finance is hereby authorized and <br /> directed to negotiate and select the financial institution in which <br /> such funds are to be deposited in escrow. <br /> Section 3. Tt is found and determined that all formal actions of this <br /> Council concerning and relating to the passage of this resolution were <br /> adopted in an open meeting of this Council, and that all such <br /> deliberations of this Council and of any of its committees that <br /> resulted in such formal action were in meetings open to the public, in <br /> compliance with all legal requirements including Section 121.22 of the <br /> Ohio Revised Code. <br /> Section 4. 7h at this resolution is hereby declared to be an emergency <br /> measure for the reasons stated in the preamble hereof and provided it <br /> receives the affirmative vote of two-thirds of all members elected to <br /> Council, it shall take effect and 6e in force immediately upon its <br /> adoption and approval 6y the Mayor; otherwise, it shall take effect <br /> and be in force after the earliest period allowed by law. <br /> ADOPTED• ~ ~ <br /> R E T <br /> .{,L,_ <br /> APPROVED dYt-Etr /S /y~,S° ~ ,ic-.~ <br /> <br />