City of Fairmont Council Meeting Agenda Packet May 13 2026
Fairmont Plans Renewal of WesBanco $750K Letter of Credit
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Description
The City of Fairmont plans to renew WesBanco Bank Irrevocable Letter of Credit No. 2001-525 for an amount not to exceed $750,000. The letter of credit secures a portion of the City’s self-insured workers’ compensation obligations for fiscal year 2026-2027, with the final amount to be set by supplemental resolution after a state audit.
Contract Details
Contract Amount
Not to exceed $750,000.00
Vendor
WESBANCO BANK
Agency
Fairmont Marion County Regional Airport Authority, WV
Contract Type
FINANCIAL_SERVICES
Document Date
May 13, 2026
Contract Term
Fiscal Year 2026-2027; renewal upon maturity date of June 30, 2026
Renewal Date
2027-06-30
Renewal Info
Renews WesBanco Bank Irrevocable Letter of Credit No. 2001-525 upon its maturity date of June 30, 2026, for FY 2026-2027 in an amount not to exceed $750,000, with the exact amount determined annually by the State Workers' Compensation Division audit and supplemental Council resolution.
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PENDINGIssuing Agency
Fairmont Marion County Regional Airport Authority
Special District
Fairmont, WV
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