10/12/2010 Resolutions 2010-291RESOLUTION 2010-291
WHEREAS, Wells Fargo Securities, LLC (Lessor), the City of Grand Island (Lessee)
and Wells Fargo Bank, NA (Escrow Agent) entered into an escrow agreement dated July 1, 2009;
and
WHEREAS, Section 7.09 ofthe escrow agreement allows for the amendment ofthe
date specified in Section 2.03 of the escrow agreement to no more than three years after the date of
delivery of the Lease; and
WHEREAS, Section 2.03 of the escrow agreement states that project costs shall be
disbursed no later than August 31, 2010; and
WHEREAS, the lessor and the lessee desire to amend the date specified in Section
2.03 of the escrow agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that the Mayor is hereby authorized and directed to
sign on behalf of the City of Grand Island, the Exhibit C to Escrow Agreement that extends the end
date for disbursement of project costs from August 31, 2010 to June 30, 2011.
BE IT FURTHER RESOLVED, that the Mayor is hereby authorized and directed to
execute such amendment with Wells Fargo Securities, LLC on behalf of the City of Grand Island.
Adopted by the City Council of the City of Grand Island, Nebraska, October 12, 2010.
argaret ornady, Mayor
Attest:
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RaNae Edwards, City Clerk
Approved as to Form n IOI 11) I D
October 11, 2010 p CityAttorney