HomeMy WebLinkAboutResolution - 112448C - Authorization To Execute Paving Excrow Agreements - COL Paving Collector - 11/24/1948RESOLUTION
TiHEREAS, the City of Lubbock is engaged in an extensive paving program both
by force account and contract, and as a general policy, the*City Commission re-
quires paving contracts to be elcecuted by all property owners, but many owners
desire to pay cash for their paving and place the payment in escrow rather than
execute a contract &nd have the same placed of recordp and,
17HEREAS, the City Commission deems the escrow arrangement will meet many
demands and facilitate the paving program and in fact constitute payment to the
City of Lubbock for paving in certain cases, THEREFOU..
BE IT RESOLVED BY THE CITY COP,81ISSION OF THE CITY OF LUBBOCK2
THAT, the Pavipg Collector of the City of Lubbock, BE, and he is hereby
authorized to execute paving escrow agreements for and on behalf of the City of
Lubbock when a property owner has delivered to him a cashier's check for paving,
in the amount of the engineer's estimate, abutting property in question, and
such owner desires that the cash payment be placed in escrow and agrees that the
same shall be placed in escrow in accordance with the attached form designated
"Paving Escrow Agreement'", PROVIDED, that all blanks shall be properly filled in,
the instrument executed by the property owner or his agent, executed by the
Paving Collector for the City of Lubbock, and accepted by a Lubbock bank. No
bank outside the City of Lubbock shall be named escrow agent. The City Commission
designates the Citizens National Bank in Lubbock as its escrow agent, but this
designation shall not prevent the Paving Collector from agreeing that any other
Lubbock bank shallibe the escrow agent. Permanent records shall be kept by the
Paving Collector on all such agreements and deposits and when the paving abutting
on such property has been accepted by the City Commission it shall be the duty
of the Paving Collector to forthwith supply the escrow bank with satisfactory
pr"f of such acceptance and to forthwith deposit or dispose of all such cashier's
checks to the credit of the City of Lubbock as provided for other paving payments.
On motion by Commissioner Trice " , seconded by Commissioner
,[Spi.lres:.-.: , the foregoing resolution was passed unanimously by the
City Commission on this the 24 day of November , 1948.
ATTESTt
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City SecVktarY
__ 11 and Mr. Grimes. -12-7.