04/12/2016 Resolutions 2016-84RLSOLUTION 2016-84
WHEREAS, Employer's Mutual Casualty Company (EMC), is an insurance
company that provides Wo�kers Compensation lnsurance to the City Of Grand Island;
and
WHEREAS, EMC requires security or collareral in the amount of $80Q000 for long
term payments; and
WHEREAS, a Letter of Credit oaming EMC as the beneficiary would be an
acceptabLe form of securiry or collateral; and
W HEREAS, Cornerstone Bank can provide the necessary L.etter of Credit to the Ciry
of Grand Isla�d; and
4JHEREAS, [he Lettec of Credit from Cornecstone will be issued for one yeaz for a
fee of 0.5% ($4,000) of $800,000.
NOW, THEREFORF.,, BE iT RF",SOLVBD BY THE MAYOR AND COUNCIL
OP 1'HE CITY OF GRAND ISI,AND, NEBRASKA, that Ihe Mayor is hereby authocized to, on
behalf of the City, execufe the Letter of Credit between the City of Grand Island and
Cornerstone Bank naming Employer's Mutual Causatiry Insuranee as the beneficiary for the cost of
$4,000.
Adopted by the City Council ofthe Ciry of Grand Island, Nebiaska, April 12, 2016
Attest:
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Nicki Stoltenbeig, City Clerk Pxo Tem
e �emy . Je �se , ayl or '
Appmvetl as b Form
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