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RESOLUTION The matter of authorizing the City Ivlm~ager to enter into a lelter of credit agreement with Commerce Bank, N.A. was considered. After~a rle~eneral discussion of the matter, Councihnember offered the following resolution and moved its adoption. BE IT RESOLVED: That the Council of the City of University City, Missouri, finds and declares as follows: Section 27 of the Charter of the City of University City, Missouri and Section 2.10.010 of the University City Municipal Code require the Director of Finance to provMe a bond, fm-nished by an accredited surety company acceptable to the City Council in such amount as the City Council may require, the cost of which shall be paid by University City. Capitol Indemnity Corporation (and/or Platte River Insurance Company as their interests may appear) is an accredited surety company acceptable to the City Council, Capitol Indemnity Corporation is willing and able to issue a bond in the amount of $50,000 for the Director of Finance, on the condition that University City provide a letter of credit in favor of Capitol Indemnity Corporation for drawings up to $50,000. Commerce Bank, N.A. is willing and able to issue a letter of credit in favor of Capitol Indemnity C, orporation for drawings up to $50,000, on the condition that an authorized University City official sibm the attached "Application and Agreement for Standby Letter of Credit," which is incorporated by reference as if fully set forth herein. A bond in the amount of $50,000 for fl~e Director of Finance is hereby approved. The City Manager is hereby authorized to enter into and execute the attached "Application and Agreement for Standby Letter of Credit" on behalf o,f University City. The City Manager is further authorized to sign all other documents necessary for the issuance of the letter of credit and bond. The cost of the letter of credit and bond shall be paid from University City ~hnds.