11/09/2021 Resolutions 2021-322RESOLUTION 2021-322
WHEREAS, Employer's Mutual Casualty Company (EMC), is an insurance
company that provides Worker's Compensation Insurance to the City of Grand Island; and
WHEREAS, EMC requires security or collateral in the amount of $1,400,000 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, Five Points Bank can provide the necessary Letter of Credit to the
City of Grand Island; and
WHEREAS, the Letter of Credit from Five Points Bank will be issued for one
year with no fees.
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 Five Points
Bank naming Employer's Mutual Casualty Insurance as the beneficiary at no cost.
Adopted by the City Council of the City of Grand Island, Nebraska, November 9, 2021.
Roger . Steele, Mayor
Attest:
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RaNae Edwards, City Clerk
Approved as to Form tt
November 8, 2021 tt City Attorney