Resolution - 5762RESOLUTION NO. 5762
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF WEST COVINA ESTABLISHING A WORKERS' COMPEN-
SATION RESERVE FUND IN THE CITY TREASURY AND
MAKING AN APPROPRIATION THERETO.
WHEREAS, effective July 1, 1978, the City of West Covina has
undertaken to become self -insured to a limited extent for the purpose of Workers'
Compensation coverage; and
WHEREAS, the Insurance Binder issued to the City of West Covina
by Employer's Reinsurance Corporation provides for a $100,000 self -insured limit
per occurrence; 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 $550,000 will be adequate to establish
said formal loss fund which will be identified on the books of the City Treasurer
as "Workers' Compensation 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 "Workers' Compensation Reserve Fund."
SECTION 2. That a checking account be opened and Fred S. James &
Company be the Trustee of said account.
resolution.
SECTION 3. The City Clerk shall certify to the adoption of this
APPROVED AND ADOPTED this 28th day of August, 1978.
\� -- r
Mayor
ATTEST:
City Clerk
HEREBY CERTIFY that the above and foregoing Resolution No. 5 762
was duly passed and adopted by the City Council of the City of West Covina at its
regular meeting held on the 28th day of August, 1978, by the following vote, to
wit:
AYES: Counci lmen: Miller, Shearer, Browne, Chappell, Tice
NOES: Counci ]men: None
ABSENT: Councilmen None
APPROVED AS TO FORM:
�k
City Attorney
City Clerk
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