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HomeMy WebLinkAboutCC RESO 14,754RESOLUTION N0. 14,754 RESOLUTION OF THE CITY CaNCIL OF THE CITY OF NATIONAL CITY, CALIFORNIA ESTABLISHING THE LETTER OF CREDIT PROCEDURES RR RECEIVING AND DISBURSING FUNDS PROVIDED TO THE CITY OF NATICNAL CITY PURSUANT 'PD Tl4E MUSING DEVEDDPIVINT GRANT P1fli M FOR THE CCNSIRUCTI(N OF KBEALL `PJAEbS (PROJECT ND. CA003HG401) MOMS, the City Council of the City of National City, California, by adoption of Resolution No. 14,726 on August 27, 1985, authorized and approved the Agreement entitled "U.S. Dept. of Housing & Urban Development, Housing Development Grant Program, Grant Agreement, Kimball Towers, National City, California, Project No. CA003GR401" between the Secretary of Iiousing and Urban Development and the City of National City, and ViHEREAS, it is the policy of the U.S. Dept. of Housing and Urban Development to use the letter of credit funding method if it has or expects to have a continuing relationship with a recipient organization for at least one year, involving advances aggregating at least $200,000, and i1I1EREAS, the standards governing the use of banks and other financial institutions as depositories of funds advanced under federal grants are set forth in the U.S. Office of N nagement and Budget Circular A-102 - Attachment A. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of National City that the City Manager is hereby authorized and directed to execute all necessary documents for the establishment of a Letter of Credit on behalf of the project, and BE IT FURTHER RESOLVED that the City Treasurer is hereby authorized and directed to open a separate bank account with a bank or financial institution meeting the standards set forth in OMB Circular A-102 - Attachment A for funds advanced under the Grant Agreement, and BE IT FURTHER RESOLVED that any of the r authorized to draw on the letter of credit and from said Delbert Redding, City Treasurer Alex Caloza, Director of Finance Tom G. McCabe, City Manager following officials is separate bank account: PASSED and ADOPTED this 1st day of Oktober, 19:5. A1'11bT: Ione •-: .bell, City Cle APPROVED AS TO ITJRW: Kile .rgan, ":yor George H. Eiser, III - City Attorney -