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RESOUTION # ::-7639.1 <br /> COLLATERAL WAIVER AGREEMENT <br /> WHEREAS, the City of Everett, hereinafter called " Insured" <br /> is duly established and empowered under the laws of the State <br /> of Washington to operate and maintain a system of public <br /> transportation; and <br /> WHEREAS, National Continental Insurance Company, hereinafter <br /> called "Company", has agreed to provide insurance coverage per <br /> policy # 4148510-2 for the period covering October 1, 1988 to <br /> October 1, 1989; and <br /> WHEREAS, as a condition of issuance of that coverage, <br /> collateral securing premium and payments made within the <br /> deductible(s) is customarily required by the Company, but may <br /> be waived for certain governmental agencies upon execution of <br /> a Collateral Waiver Agreement : <br /> NOW, THEREFORE, BE IT RESOLVED AND CERTIFIED BY THE Insured' s <br /> Board of Directors: <br /> 1. That the Insured is a duly-constituted governmental unit <br /> under the laws of the State of Washington. <br /> 2. That all applicable municipal, state and other procedures <br /> formalities and laws, have been complied with in awarding <br /> and entering into a contract of insurance with the <br /> Company. <br /> 3. That funds in the amount of $35, 000 are presently <br /> available to fulfill the Insured's obligation <br /> relative to said insurance policy; and <br /> 4. That Mayor Moore is hereby authorized to <br /> execute the Collateral Waiver Agreement with the Company <br /> on behalf of the Insured. ,, �jp <br /> ADOPTED BY THE a3 � this/4day of /O <br /> 1988. <br /> g,10;01001,4. <br /> 4 -4 <br /> Councilmember Introducing Resolution Presi nt or Chairman <br />