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Committee approves $705,000 standby letter of credit tied to city's workers' compensation policy
Summary
The Finance Committee adopted Resolution 25-26 authorizing a standby letter of credit with WesBanco to collateralize the city's large-deductible workers' compensation policy; the letter amount is $705,000 and fees total $3,925.
The City of Charleston Finance Committee on March 17 approved Resolution 25-26, authorizing the mayor and city manager to enter a standby letter of credit with WesBanco to collateralize potential workers’ compensation claims under the city’s large-deductible policy.
Mister Machado, a city staff member, said the city would obtain a standby letter of credit…
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