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RESOLUTION NO. _c12 J.L_Q_C2c- ' C A RESOLUTION OF THE BOARD OF SUPERVISORS OF MARICOPA COUNTY, ARIZONA, APPROVING THE FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF A LETTER OF CREDIT AGREEMENT BETWEEN MARICOPA COUNTY AND JPMORGAN CHASE BANK EFFECTIVE JULY 1, 2011 THROUGH JUNE 30, 2014. RECITALS WHEREAS, Maricopa County (the "County") through its Board of Supervisors (the "Supervisors"), acting as the Board of Deposit (the "Board of Deposit"), has heretofore ordered the receipt of bids for servicing bank for the County for the period commencing July 1,2011 and ending June 30, 2014, with permitted extensions of the two additional years pursuant to A.R.S. § 35-325; and WHEREAS, the proposal of JPMorgan Chase Bank was announced as the best bid for services as servicing bank for the period commencing July 1,2011 and ending June 30, 2014, with permitted extensions of not more than two additional years, and the best bid to provide the County with letters of credit for such period; and WHEREAS, A.R.S. § 11-251 authorizes the Supervisors of the County to enter into letter of credit agreements for the County; and WHEREAS, to comply with County's obligations under A.R.S. Title 23, Chapter 6 (Workers Compensation), the County has requested that JPMorgan Chase Bank issue the letter of credit on June 15, 2011; and WHEREAS, a draft of the Application and Agreement (Maricopa County Irrevocable Standby Letter of Credit) (the "Agreement") between the County and JPMorgan Chase Bank (the "Bank") pertaining to a letter of credit for Maricopa County, has been placed on file with the Clerk of this Board and presented at the meeting at which this resolution was adopted; and WHEREAS, by this resolution, the Supervisors will authorize the execution and delivery of the Agreement in substantially the forms so presented to the Board of Supervisors. NOW THEREFORE BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF MARICOPA COUNTY, ARIZONA, as follows: Section 1. That the Agreement, in substantially the form on file with the Clerk is approved and the Treasurer of the County is hereby authorized and directed to execute and deliver the Agreement on behalf of the County, in substantially the form on file with the Clerk with such changes or omissions deemed necessary by those authorized to execute the Agreement. Section2. The County Treasurer is named as the County's agent for all purposes of the Agreement. The County Treasurer, or his designee, is hereby authorized to take all acts and do all things on behalf of the County under the Agreement. Section3. All actions taken by the County Treasurer and any person representing the County Treasurer with respect to the Agreement and the procedures pertaining thereto are hereby ratified and affirmed. This resolution shall become effective upon adoption and execution. ct-Fh PASSED AND ADOPTED this day of June, 2011. Chairman, Board of APPROVED AS TO FORM: Deputy County Attorney Maricopa County, Arizona CERTIFICATION I, Fran McCarroll, the Clerk of the Board of Supervisors of Maricopa County, Arizona, do hereby certify that the above and foregoing resolution was duly passed by the Board of Supervisors of the County at a regular meeting held on June (1 , 2011, and the vote was 5 ayes, 0 nays, 0 abstained, CI were absent and 5 Board members were present thereat. DATED: izfKpie, goi/