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EXH1 B1T A <br />?- - ? . <br />ORDINANCE NO. 83-69 <br />?.' <br />` .? ESCROW AGREEMENT <br />FOR HIGHWAY IMPROVEMENT <br />This agreement made and entered at Pdorth Olmsted <br />. <br />Ohio, this <br />day of June , 1983, by and <br />between the Legislative Authority of PJorth Olmsted Ohio. The <br />. <br />Ohio Department of Transportation (ODOT) and PJational City Bank of Cleveland <br />(FINANCIAL INSTITUTION) , <br />PJorth Olmsted 44070 a dress <br />, Ohio. (216) 777-8000 <br />munic pa ity te ep one no. <br />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-bid estimate (or some larger amount) of said City's participation share of <br />pro3ect cost in the amaunt of Sixty One Thousand Ninety- - - - - - - - - - - - - - - <br />00/100 Dollars, ($61.090.00), as required by The ODOT'S Invoice No. 5727 dated <br />the 25th day of May. 1983, on Project described as: Cuyahoga County - City of North <br />Olmsted - State Route No. 10 - Section 0.00 - Federal Aid Project No. FR-69(51), <br />in an interest bearing account, repurchase agreement or certificate of deposit <br />with the FINANCIAL INSTITUTION. Such funds shall thereupon remain on deposit <br />for the credit of the ODOT and said City until such time as payment of the City's <br />estimated participation share, as determined after receipt of bids, is ordered <br />to be paid by the Administrator of Contract Sales or the Director of ODOT. Upon <br />receipt of such order for payment, IN THE FORM OF A REVISED INVOICE, the FINANCIAL <br />INSTITUTION hereby agrees to deliver and pay over to The ODOT the funds so requested <br />(but in no event more than the amount of the pre-bid estimate) and to deliver <br />and pay over to the City the accrued interest thereon and any balance that may <br />remain. (The City's ultimate share of the cost shall be determtned in accordance <br />with the FINAL RESOLUTION and the CONTRACT). <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.