09/23/2014 Resolutions 2014-304 RESOLUTION 2014-304
WHEREAS, Employer's Mutual Casualty Company(EMC), is an insurance
company that provides Workers Compensation Insurance to the City Of Grand Island;
and
WHEREAS, EMC requires security or collateral in the amount of$800,000 for long
term payments; and
WHEREAS, a Letter of Credit naming EMC as the beneficiary would be an
acceptable form of security or collateral; and
WHEREAS,Wells Fargo Bank,N.A. can provid the necessary Letter of Credit to the
City of Grand Island; and
WHEREAS, the Letter of Credit from Wells Fargo Bank,N.A.will renew each year
for$3,200 until replaced with an alternative form of security or collateral or a different provider of
Workers Compensation Insurance is selected.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL
OF THE CITY OF GRAND ISLAND, NEBRASKA, that the Mayor is hereby authorized to, on
behalf of the City, execute the Letter of Credit between the City of Grand Island and Wells
Fargo Bank,N.A.naming Employer's Mutual Causality Insurance as the beneficiary for the cost of
$3,200 annually.
Adopted by the City Council of the City of Grand Island,Nebraska, September 23, 2014
Ja Vavricek, Mayor
Attest:
Pea 1114.. .
RaNae Edwards, City Clerk
Approved as to Form a 411t4i
September 22,2014 a City" rney