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<br />C:LTY OF NCETH OLMSTED <br />RESQL'J'I'Iffid N0. <br /> <br />RESOLUTIQN RELEA,SIIdG BOATD NO. 90-639--829 1-?-T.'17REIN OIMSTED <br />COI,ONY INC. IS 'I'HE PRIP1CIPAL, T0RYLA.ND CASUALTY CONIPANY AS <br />StktETY? A?'?TD C_l'Y Q i Ttt)'.-ZiH OI,MSTED, THE OBC,IGEE ? AND V)F1ICN <br />BOND POSTED INSITRE-D THE C(X'.Q''LETION OF THv PAVING IN SAID <br />SUBD:LVISION IN ACCtaRDAP7CE WITFI 1'HE PTA,NS M?D IN COMPLIANCE <br />"dITH 1LiE ORDINANCES EIND RESQLIT`I'IONS OF T?iIS CT'I'Y. <br />1n7HEREAS., said developer in the same Subdivision has heretofore <br />posted Bond No. 90-539-828 to insure the construction of sidewalks in said <br />subdivision in aecordance with the plans anci in compliance with the ordinanees <br />and resolutions of this City, -cne same compar.y being surety and the origa.nal <br />penal pxovision being in the sum of 0'8401.00, and <br />TvJI-i`MEAS$ it iias been reported to Council by the Enginoer that the <br />maximum value of a..Zl work in said subdivision relating to paving and sidewalk <br />is estimatec2 to be ?11,000.00, and <br />I <br />NHEREAS., said developer and surety has prepared and submitted an Addendum <br />or Rider to bond No. 90-639-823 increasing the pena,l provzsion therein to 4'11 ?000 e00 <br />i.nsuring the completion oi all work rema3.ning in said Subdivision ir_volving paving <br />and sidewalks to said increased amount, and <br />ZIEREA,S, it is the intent of Council that said Rider to the Sidewalk <br />Bond heretofare described now beirig determined to be sufficient to cover bntln <br />paving and sidewalk yet to oe cor.7pletisd in said subdiv°?sion. <br />tdOW <br />? THIEREFORE., BE 1T RESUI;VED by the Council of the City of North <br />Olmsted, State of Ohio: <br />Section l: `rhat f3ond No. 90-639-829 heratofore deposited wi-th the City <br />by Olmsted Colon,p Inc, covering the paving o.-1' said devsloper in its Subdivision <br />No. 2 is hereby released and dzscharged and in ].ieu thereof accepts the Rider to <br />Bond No. 90-539-828 0f said deveZoper in which the Maryland Casualty Compang is <br />Svrety and the City oi North o].msted, the Obligee which Rider has a penal provision <br />of $11,pOQ0.00 covering the uncompletsd work relating to paving and sidewalks uncier <br />the plans heretofore approved by the City for s?.id Subdivision .for paving and <br />side:,ralks in accordance with the report made by said City Ergineer that seid <br />,??11,000.00 is sufficinnt to cover -Qie value of a11 work yet to be done by said <br />developer with respact to pavirg and sidewa3.ks in said Subdivision. <br />Sectian 2: '4herefore, t.his resalution is hereby declared to be an <br />emergency measure necessary i or the inunediate preservation of the pub73c welfarp <br />of the Ci-ty of North 07.rristed and such emergency exists by virtue of the necessitg <br />of permitting the 9,mmodiate release of said Bond in accordance witli the agreement <br />of the city and the Develaper. <br />Section 3: JJherefore., this resolution shaa.l -take immedia-te effect <br />from and a,fter its passage$ otherwise, at the earliest period allowed by la,w, <br />PASSED: <br />.-- <br />ATTEST <br />---/-? <br />Louise Hall., Clerk of Gouncil <br />.APPROV7+' <br />Paul J, G ea% Mayor <br />Bruce MacDonald? Pres?dent of Counc <br />