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RES2845 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. 1 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 . 2