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By i~TT' . CITY OF NORTH OLT~7S 1 ~ED ~-~ESOLU'~'ION N0. :<' b' R~OLUl'ION ACC""r:.PTING THI; ADDITIONAL BOND OF OLMSTED COLOTd~'Y, I:!dC . , D:~~LLOPr/'I. -~S OF PROPOSr' } HOLLY DP~IVE AND CYPRESS DRIV~~, IN THE PRINCIPAL SUT~1 OF dy3, 500.00 ATTACHED AS A BIDER TO THE SIDL+^,dALK BOI~TD OF SAID DEVELOPED, AI~TD DECLARIPdG AN EtaH~GII~CY. WI~~E;tiS, Olmsted Colony, Inc. has heretofore posted with the City of North Olmsted a Bond in the penal sum of ~~37,630.00, guaranteeing the installation of the underground improvements as per ordinances of this city, and yvliHEt.E~S, said developer is desirous of having said Bond released, yet desirous of guaranteeing the city against loss on final inspection and approval of said underground improvements by the City Engineer, and further to cover the costs of -ud,just- ing or relocating appurtenances to said underground improvements, and ti~JT~E~.T1~S, the City Engineer has advised Council that ne esti ms.tes are eh~end- iture of ;;;3,500.00 would ultimately be required in the event changes were necessary to said underground improvements or appurtenances thereto, I10"i;, T~iEttiFQ~tE, BE IT r~;SOLV~~D by the Council of the City of North Olmsted, State of Ohio: Section 1: That the origins]. Bond of Ulmsted Colony, Inc. posted ~"rith the city, in ~"rhich Bond the I~Zaryland Casualty Company is surety guar<nteeing the city ~:wainst loss in the installation of underground improvements by Olmsted Colony, Inc. in accord- axice with the improvement plans on file with ther~igineer and with the ordinances of the City of Ilorth Olmsted for the proposed streets of Holly Drive and Cypress Drive in the allotment of said developer, be released on the followin conditions: That the developer, Olmsted Colony, Inc., furnish a Bond satisfactory to the City of Tdorth Olmsted in the penal sum of i~3,500.00 guaranteeing the adjustment or relocation 4rhich may be required to the underground improvements installed by Ol~_~sted Colony, Inc. in proposed Holly :give ~".,nd Cypress Drive or to the appurtenances to said imp-rovemerits to the end that said improvements comply with the improvement plans on file with the City Engineer anal with the ordinances of the City of north Olmsted, in o~°der to effect the flea, acceptance ~'or dedicwtion of said Holly Drive and Cypress Drive. Secondly, that said Bond may be in the nature of a rider to the sidew~~;lk bond heretofore deposited with the City of North Olmsted guaranteeing the installation of side~~ralks in conformity with the improvement plans and ordinances of the city for said proposed streets. if in form satisfactory to the City Engineer and City Solicitor. Section 2: That if the terms and conditions so fixed are complied tirith, then the Clerk is hereby authorized to release the Bond deposited by Olmsted Colony, inc. insuring the installation of the underground improvements for Holly Drive and Cypress Drive, and the Mayor or Service Director be authorized to execute any release ref~uired by said surety or developer, if in form satisfactory to the City Engineer ~~nd Solicitor. Section 3: t~Jherefore, this resolution is hereby decl~~red to Le an energency `~~ measure necessary for the immediate ,reservation of the public peace and welf~~.re of the City of North Ulmsted, and such emergency e~.sts by virtue of the need for the co-ooer~~tiox of the City of North Olmsted and the developer to more effectively consummate the improve- r~zent of said streets in the event the city is otherbaise adequately protected by Bond satisfactory to the Engineer for the completion of said improvements in accordance S,rith the improvement plans on file in the office of the City Engineer.