HomeMy WebLinkAboutRES 2845 CITY OF RENTON, WASHINGTON
RESOLUTION NO. 2845
A RESOLUTION OF THE CITY OF RENTON, WASHINGTON,
AUTHORIZING THE MAYOR AND CITY CLERK TO SIGN A RESOLUTION
TO OBTAIN CREDIT TO ESTABLISH A COLLATERAL ACCOUNT FOR
THE CITY'S PRESCRIPTION PLAN FOR :ITS EMPLOYEES.
WHEREAS, the City of Renton provides certain medical benefits
to its employees including payment for certain prescriptions; and
WHEREAS, the city has contracted with Healthcare Management
Administrators, Inc . to handle the medical benefits; and
WHEREAS, Healthcare Management Administrators, Inc . needs a
day-to-day source of funds with which to pay certain prescription
bills; and
WHEREAS, it is advantageous for the city to establish an
$11, 000 . 00 account to provide collateral to a lending institution
for security for the payment to that lending institution of sums
borrowed by Healthcare Management Administrators , Inc . when those
sums are expended on the city' s prescription plan; and
WHEREAS, it is necessary for the City Council to authorize the
Mayor to establish such account as security.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON,
WASHINGTON, DO RESOLVE AS FOLLOWS:
SECTION I . The above recitals are found to be true and
correct in all respects .
SECTION II . The Mayor and City Clerk are hereby authorized
to sign a corporate resolution to obtain credit to serve as
security for the payments of Healthcare Management Administrators,
Inc. when expended for the city' s prescription plan.
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RESOLUTION NO. 2845
PASSED BY THE CITY COUNCIL this 20th day of May , 1991 .
Lf4x/
arilyn P tersen, City Clerk
APPROVED BY THE MAYOR this 2nth day of T,Ray 1991 .
1'� Q)� J' Akl4K -
Earl Clymer, M or
Approved as to form:
Lawrence J. Wa n, City Attorney
RES. 140:5/8/91 :as .
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