Resolution - 5445RESOLUTION NO. 5445
A RESOLUTION OF THE`CITY COUNCIL OF THE CITY
• OF WEST COVINA ESTABLISHING "A LIABILITY
INSURANCE RESERVE FUND IN THE CITY TREASURY
AND MAKING AN APPROPRIATION THERETO.
•
WHEREAS,.effective March- 16,.,1977, the City of West Covina has
undertaken to become self -insured to a.l.imited extent for the purpose
of public liability insurance; and
WHEREAS, the Insurance Binder issued to -the City of West Covina
by Admiral Insurance Company provides for a $50,000 self -insured
limit with a $200,000 yearly aggregate stop loss; and
WHEREAS, to implement the self-insurance program it is necessary
to establish in the City Treasury a formal loss fund to pay claims
and losses within the self -insured limits;.and
WHEREAS it is estimated that $25,000 will be adequate to establish
said formal loss fund which will be identified on the books of the
City Treasurer as "Liability Insurance Reserve Fund;"
NOW, THEREFORE, the City Council of the City of West Covina does
resolve as follows:
SECTION 1. There is hereby established in the City
Treasury a fund to pay claims and losses within the City's self -insured
limits, to be identified as "Liability Insurance Reserve Fund."
SECTION 2. The amount of $25,000 is hereby appropriated
to the Liability Insurance Reserve Fund from the unappropriated reserve
in the City Treasury.
SECTION 3. The City Clerk shall certify to the adoption
of this resolution.
APPROVED AND ADOPTED this 25th day of April ,
1977.
ATTEST:
City Jerk
Mayor
I HEREBY CERTIFY that the above and foregoing Resolution
No. 5445 was duly passed and adopted by the City Council of the City
of West Covina at its regular meeting held on the 25t'h day of
April , 1977, by the following vote, to wit:
AYES: . Councilmen: Miller, Chappell, Tice, Browne, Shearer.
NOES: I Councilmen: None
ABSENT:. Councilmen: None
City Clerk
APPROVED AS TO FORM:
U Ai
City Attorney