HomeMy WebLinkAboutResolution No. 5396RESOLUTION NO. 5396
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL,
CALIFORNIA, ESTABLISHING A LIABILITY INSURANCE RESERVE FUND.
WHEREAS, effective January 4, 1978, the City of San Rafael has
undertaken to become self insured to a limited extent for the purposes of
public liability insurance with the Admiral Insurance Company; and
WHEREAS, the contract authorized by the City Council provides for
a $50,000.00 self insured provision, with a $300,000.00 yearly aggregate
stop loss; and
WHEREAS, to carry out the provisions of said self insurance program,
it is required that the City establish a formal loss fund to pay losses with-
in the self insured retention and prohibit the use of these funds for any
other purpose until the losses are actually paid; and
WHEREAS, it is estimated that $50,000.00 would be adequate to
establish said formal loss fund, which will be entitled "The Liability
Insurance Reserve Fund"; and
WHEREAS, this City Council is desirous at this time and deems it to
be in the best public interest to so establish said Liability Insurance
Reserve Fund;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
San Rafael, California, as follows:
1. That the above recitations are true and correct.
2. That there is hereby established a formal loss fund to pay
losses within the City's self insured retention to be entitled "The Liability
Insurance Reserve Fund" in the amount of $50,000.00. This fund is to be
utilized for this purpose only and cannot be expended for any other purpose
until losses within the self insured retention are actually paid.
I, JEANNE M. LEONCINI, City Clerk of the City of San Rafael, hereby
certify that the foregoing resolution was duly and regularly introduced and
adopted at a regular meeting of the City Council of said City held on Tuesday,
the third day of January, 1978 by the following vote, to wit:
AYES: COUNCILMEN: Jensen, Miskimen, Mulryan, Nixon and Mayor Bettini
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: None
J AANE M. LEONCINI, City Clerk