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CITY OF NORTH OLMSTED <br />ORDINANCE N0. 83 - 69 <br />BY: Mayor R. W. Swiet niowski <br />AN ORDINANCE AUTHORIZING THE FINANCE DIRECTOR TO ENTER INTO AN <br />ESCROW AGREEMENT FOR THE HIGHWAY IPIPROVEMENT OF LORAIN ROAD, S.R. 10, <br />WITH THE NATIONAL CITY BANK OF CLEVELAND, AND DECLARING AN EMERGENCY. <br />WHEREAS, the City of North Olmsted and the National City Bank of Cleveland <br />desire to enter into an agreement whereby the City of North Olmsted shall deposit <br />the City's participation share in the amount of Sixty One Thousand Ninety Dollars <br />($61,090.00) as required by the Ohio Department of Transportation's Invoice <br />fJo. 5727 dated May 25, 1983, for the improvement of Lorain Road, S.R. 10, <br />Section 0.00, Federal Aid Project No. FR-69(51) by resurfacing from the west <br />corporation line to Brookpark Road, S.R. 17, and <br />WHEREAS, the Council of the City of North Olmsted has been advised of all <br />the terms and conditions contained in said agreement, and <br />WHEREAS, it is Council's decision <br />into an agreement with the National City <br />interest to the City of North Olmsted. <br />. <br />i <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH <br />OLMSTED, COUNTY OF CUYAHOGA, STATE OF OHIO: <br />SECTION 1: That the Finance Director be and he is hereby authorized to <br />enter into the escrow agreement for the highway improvement with the National <br />City Bank of Cleveland. Said agreement contains all the terms and provisions <br />by virtue af which the City of North Olmsted shall deposit in an interest <br />bearing escrow account the sum of Sixty One Thousand Ninety Dollars ($61,090.00), <br />a copy of said agreement is attached hereto and marked Exhibit "A". <br />SECTION 2: That this ordinance is hereby declared to be an emergency <br />measure immediately necessary for the preservation of the public health, safety <br />and welfare, and for the further reason that it is immediately necessary to <br />provide the Ohio Department of Transportation with the agreement before June 9, <br />1983, in order for the State to process the sale of the construction project <br />early this summer, and further provided it receives the affirmative vote of <br />two-thirds of all members elected to Council, it shall take effect and be in <br />force immediately upon its passage and approval by the Mayor. <br />PASSED: ?tg <br />. <br />ATTEST: 041 <br />?• C? <br />Florence E. Campbell, Clerk f Council <br />APPROVED: <br /> <br />Swietyniowski, <br />that the Finance Director should enter <br />Bank of Cleveland to pay the accrued <br />U <br />• ??? <br />J D. Boehmer, P esident of Council <br />First Reading: <br />Second Reading: <br />Third Reading: <br />4.1743