SUBJECT: CONSENT AGENDA
Title
A Resolution of the Board of Trustees of the Town of Erie Acknowledging the Finance Director's Authority Regarding Letters of Credit
Body
DEPARTMENT: Finance
PRESENTER: Steve Felten, Finance Director
STAFF RECOMMENDATION:
Recommendation
Approve resolution authorizing the Finance Director to sign Letters of Credit.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
From time to time, as part of the guarantee process for developer-constructed infrastructure, the Finance Director is required to sign documentation related to letters of credit issued by various banks serving as surety on behalf of developers. Some banks require documentation that the person signing on behalf of the Town is authorized to do so. This resolution would formally authorize the Finance Director to sign on behalf of the Town accepting letters of credit serving as surety and any amendments thereto.
ATTACHMENTS:
1. Resolution