03/28/2017 Resolutions 2017-98RESOLUTION 2017-98
WHEREAS, the City of Grand Island and Grow Grand Island, Inc. are parties to
an Agreement for Community Enhancement Programs; and
WHEREAS, the Agreement requires Grow Grand Island, Inc. provide to the City
a fidelity bond insuring the City against dishonesty or fraudulent acts of the employees of GGI in
the amount of $500,000.00 per employee; and
WHEREAS, Grow Grand Island, Inc. proposes to utilize the Grand Island
Community Foundation as the holder and manager of Grow Grand Island, Inc.'s funds; and
WHEREAS, the proposed use of the Grand Island Community Foundation as the
holder and manager of Grow Grand Island, Inc.'s funds provides an additional layer of oversight
and security for funds provided by the City to Grow Grand Island, Inc.; and
WHEREAS, Grow Grand Island, Inc. requested that the fidelity bond amount be
reduced and set in the amount of $100,000.00 thereby reducing the cost for obtaining a fidelity
bond; and
WHEREAS, the provisions of the Agreement regarding a fidelity bond should be
amended due to the proposed utilization of the Grand Island Community Foundation as the
holder and manager of Grow Grand Island, Inc.'s funds.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE
CITY OF GRAND ISLAND, NEBRASKA, that the Amendment to the Agreement by and
between the City of Grand Island and Grow Grand Island, Inc. for Community Enhancement
Programs should be and is hereby approved.
Adopted by the City Council of the City of Grand Island, Nebraska, March 28, 2017.
Attest:
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RaNae Edwards, City Clerk
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Je m L. Je se M y
Approved as to Form tt
March 27, 2017 ity torney