HomeMy WebLinkAboutAgreement A-16-703 with San Joaquin Valley Insurance Authority.pdf1
AMENDMENT TO AGREEMENT
FOR CASH ADVANCES AND REPAYMENT
This Amendment (“Amendment”) to Agreement for Cash Advances and
Repayment (“Agreement”) is made and entered into by and between the COUNTY OF
FRESNO, a political subdivision of the State of California (“Fresno”) and the San
Joaquin Valley Insurance Authority (“SJVIA,” or “the Authority”). Fresno and SJVIA each
are a “Party” to the Agreement; and Fresno and SJVIA collectively are the “Parties” to
the Agreement.
WHEREAS, Fresno and SJVIA entered into the Agreement (County of Fresno
Agreement No. 16-049), effective retroactively as of December 23, 2015; and
WHEREAS, Fresno and SJVIA now desire to amend the Agreement, to increase
the amount of cash to be advanced thereunder to provide a total of up to $5,000,000,
and to extend the term of the Agreement and provide for repayment no later than
December 30, 2021; and
WHEREAS, in a meeting of SJVIA’s Board of Directors held on December 8,
2016, SJVIA authorized its President to execute this Amendment on behalf of SJVIA
promptly following approval of this Amendment on the County’s behalf by the Fresno
County Board of Supervisors.
NOW THEREFORE, in consideration of their mutual promises, covenants and
conditions, hereinafter set forth, the sufficiency of which is acknowledged, the Parties
hereto agree as follows.
1. Article III, Section A of the Agreement is hereby amended to state:
“A. Fresno has made or will make available up to $5,000,000 to the
SJVIA under the terms and conditions of this Agreement.”
2. Article III, Section F of the Agreement is hereby amended to state:
“F. The SJVIA shall repay in full to Fresno the amount or amounts advanced
by Fresno to the SJVIA under this Agreement, plus accrued interest at the County
of Fresno Treasury Pool interest rate on the unpaid balance advanced by Fresno
to the SJVIA, until all such amounts are fully paid by SJVIA to Fresno, which shall
in any event be at the earlier of:
1. When there is sufficient cash balance in SJVIA’s Chase Bank to
cover regular SJVIA cash flow needs, as determined by SJVIA Manager and
SJVIA Auditor-Treasurer; or
2. December 30, 2021.”
3. Article IV, Section A of the Agreement is hereby amended to state:
“A. TERM: This Agreement is effective retroactive to December 23,
2015, which is the date that Fresno first advanced funds to the SJVIA under
this Agreement, and this Agreement shall continue in full force and effect
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through and including December 30, 2021; provided, that SJVIA’s obligation to
repay all advances, plus accrued interest at the County of Fresno Treasury
Pool interest rate on the unpaid balance advanced by Fresno to the SJVIA,
until all such amounts are fully repaid by SJVIA, and to perform any other
obligations of SJVIA under this Agreement, shall survive the termination of this
Agreement. Any action taken by any of the officers or employees of the Parties
hereto prior to the Parties’ approval and execution of this Agreement is hereby
affirmed, approved, and ratified.”
This Amendment shall take effect immediately upon its approval by the Fresno
County Board of Supervisors. All other terms, conditions, mutual covenants, and
promises contained in the Agreement shall remain in full force and effect except as
amended hereinabove.
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IN WITNESS WHEREOF , the Parties hereto have executed this Amendment to
Agreement for Cash Advances and Repayment as of the date and year first written
above .
COUNTY OF FRESNO
E[est Bu~y end~ ~-~
Chairman, Board of Supervisors
REVIEWED & RECOMMENDED
PPR
APPROVED AS TO ACCOUNTING FORM
ATTEST:
BERNICE E . SEIDEL, Clerk
Board of Supervisors
By WS£\ro ~sb~
Deputy
Oscar J . Garcia, C.P.A., Auditor-Controllerreasurer-Tax Collector
By f)~ q ~~
UIN VALLEY INSURANCE AUTHORITY
By ;-;~:~\)~
Peter VanderPoel, President, Board of Directors
APPROVED AS TO LEGAL FORM
Kathleen Bales-Lange,
Tulare County Counsel
BY w..ot--.. r /XM e uty
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