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C ITY OF NQRTH OLMS'I'ED <br />R I <br />;SOLtFfIOPd No. Z <br />?) . <br />> <br />By -?L <br />RES4I,UTION RELEASIIVG 130ND NO.. 90-591-912 QF OLNI,STED COLt)NY INC <br />SUBDTVISION NC?. l, TN i'NL PtvTNC1PAL SUI4 oF *33050.00 FCR PAUING <br />WINICH SURETY TS THE MARYI,AND C_4SUA,LTY C0141PAt1Y, AND DECLARING AN <br />Ei•JERGENCY. <br />1+1HEREAS', heretofore3 Olmsted Colony Inc, in connection ?aith the <br />development of its Subdivision No, ls posted Bond No. 90-591-912., i.n the <br />principal sum of $33,350.00 in which the Maryland Casualty Company was surety <br />and said Olmsted Golony Inc. was -orincinal, and the City of Nort'_ Olmsteci <br />4bligea, and <br />I°tHEREA,S., said developer wishes to have attached as an addendum to <br />its Bond Na. 90-591-913 in the principa]_ sum of $7,9650.00 covering the installa- <br />tion o? sidewalks in said Subdivision, and which addendiam when approved by the <br />City, would cover remain3.ng wark to be dona under the original pavement bond <br />heretofore referred to and additional sidewalk work reraaini.ng to be done and <br />that said penal sum of 111.,150.00 on Bond No. 90-591-913 i5 determined to be <br />suffieient to caver a11 said work remaining to be done and that there should <br />be released Bond No. 90-591-912. <br />NQ's?T., TMEFCRE,, BE IT RESGLVED by the 'ouncil of the City of NortYz <br />Olmsted., State of Ohio: <br />Section 1: That Bond No, 90-591-912 of the P•Iaryland Casualty ComQarv <br />as Surety posted by dlmsted Colony Inc. for Subdivision No. 1 to the City as <br />Obligee in the principal penal sum of $33050,00 is hereby released and the <br />addendum modifyi-ng said subdividers bond No• 90-.:591-913., penal provision of <br />which have been increased to $11..150.00 from the original penal sum in favor <br />of the City as obligee i.s hereby accepted. <br />5ection 2: Cnlherefore, this resolution is hereby dec].ared to be an <br />emergency measure necessary for the immediate preservation of the public welfare <br />of the City of North Olmsted and such emergeney exists by virtue of the necassity <br />of permitting the irrunediate release of said Bond i.n accordance wit,h the agreement <br />of the City and the Developer. <br />Section 3: 4dherefore., this resolution sha11 take immediate effect <br />from and after its passage., otharwise., at the earliest period a7.lowed b,y law. <br />PASSED : ? ' z? <br />? <br />A'I'TEST • ,' <br />'sv <br />y ouise a1.Z., er o ounc Bruce Mae ona d, Presiden of ounci — <br />.E1F'PROV • ,-' ;' <br />Paul J. llreau, yor <br />196`e <br />?