Vote: approved

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A-5. IRREVOCABLE STANDBY LETTER OF CREDIT WITH JPMORGAN CHASE BANK Approve amendment to the Irrevocable Standby Letter of Credit. The original Irrevocable Standby Letter of Credit with Chase/Bank One, Arizona was approved by the Board of Supervisors July 24, 2002; agenda number C-75-03-001-1-00. Subsequently, each year the Board of Supervisors has approved amendments as the projected liability amounts for workers’ compensation claims have changed. The previous Letter of Credit was with the JPMorgan Chase Bank for $6,482,298 and was extended through December 31, 2012 (C-75-09-006-2-05). An amendment is now required for the new worker’s compensation liability amount which is $15,239,045. This amount will fluctuate annually as it is based on claims and reserves, with older claims closing and new claims opening. The Letter of Credit serves as security for the County’s projected liability for workers’ compensation claims. It is not expected that there will be reason for the Letter of credit to be drawn on; however, the Industrial Commission of Arizona requires the negotiable security. (C-75-09-006-2-06)

Vote: approved

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57. IRREVOCABLE STANDBY LETTER OF CREDIT WITH JPMORGAN CHASE BANK Approve amendment to the Irrevocable Standby Letter of Credit. The original Irrevocable Standby letter of Credit with Chase/Bank One, Arizona was approved by the Board of Supervisors July 24, 2002, agenda number C-75-03-001-1-00. Subsequently, each year the Board of Supervisors has approved amendments as the projected liability amounts for workers' compensation claims have changed. The Letter of Credit with JPMorgan Chase Bank that was extended through December 31, 2014 was for $15,878,105 (C-75-09-006-2-07). The amount was amended to $15,151,706 and was extended through December 31, 2015. An amendment is now required for the new workers' compensation liability amount which is $15,705,634 that will be in place from January 1, 2016 through December 31,2016. This amount will fluctuate annually as it is based on claims and reserves, with older claims closing and new claims opening. The Letter of Credit serves as security for the County's projected liability for worker's compensation claims. The Letter of Credit will be reserved against the County's existing Line of Credit. The Line of Credit is restricted by the amount of the Letter of Credit. It is not expected that there will be reason for the Letter of Credit to be drawn on; however, the Industrial Commission of Arizona requires the negotiable security. (C-75-09-006-2-08)

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Vote: approved

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90. AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT WITH JPMORGAN CHASE BANK Approve amendment to the Irrevocable Standby Letter of Credit. An amendment is required for the new workers' compensation liability amount which is $13,526,071 that will be in place from January 1, 2017 through December 31, 2017. This amount will fluctuate annually as it is based on claims and reserves, with older claims closing and new claims opening. The Letter of Credit serves as security for the County's projected liability for workers' compensation claims. The Letter of Credit will be reserved against the County's existing Line of Credit. The Line of Credit is restricted by the amount of the Letter of Credit. It is not expected there will be reason for the Letter of Credit to be drawn on; however, the Industrial Commission of Arizona requires the negotiable security. The original Irrevocable Standby Letter of Credit with Chase/Bank One, Arizona was approved by the Board of Supervisors July 24, 2002, agenda number C-75-03-001-1-00. Subsequently, each year the Board of Supervisors has approved amendments as the projected liability amounts for workers' compensation claims have changed. The Letter of Credit with JPMorgan Chase Bank that was extended through December 31, 2015 was for $15,151,706 The amount was amended to $15,705,634 and was extended through December 31, 2016 (C-75-09-006-2-08). (C-75-09-006-2-09)

Attachments (2)