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• � 4 <br />CITY OF GREELEY, COLORADO <br />RESOLUTION NO. afi_, 1987 <br />A RESOLUTION AUTHORIZING THE MAYOR AND THE CITY CLERK TO SIGN A <br />LETTER OF CREDIT IN THE AMOUNT OF $1 MILLION AS PART OF THE SELF - <br />INSURANCE PROGRAM OF THE CITY OF GREELEY PURSUANT TO CHAPTER 4.18 <br />OF THE GREELEY MUNICIPAL CODE. <br />WHEREAS, the City of Greeley has adopted a self - insurance <br />program; and <br />WHEREAS, the self - insurance program of the City of Greeley <br />contemplates a letter of credit in the amount of $1 million-to <br />pay claims and defense costs in excess of the City's reserve <br />funds; and <br />WHEREAS, the Intrawest Bank of e4 to provide <br />the letter of credit to the City of Gzeelaneifplated by the <br />City's self - insurance program; and <br />WHEREAS, the City Council of the City of Greeley determines <br />that it is in the best interest of the citizens of the City of <br />Greeley that the letter of credit by obtained for self - insurance <br />purposes; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF <br />GREELEY, COLORADO, that the Mayor and the City Clerk are autho- <br />rized to execute a letter of credit with Intrawest Bank in the <br />EXHIBIT A <br />is? <br />