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
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