HomeMy WebLinkAbout1981-06-16; City Council; Resolution 6587RESOLUTION NO. 387
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA ESTABLISHING THE LIABILITY
SELF-INSURANCE REVOLVING FUND AND YAKING AN APPRO-
PRIATION THERETO.
WHEREAS, the City Council of the City of Carlsbad has estab-
Lshed a program of liability self-insurance; and
WHEREAS, the City Council desires to establish a fund from
iich to pay various expenses involved in liability self-insurance
cogram; and
WHEREAS, the City Council desires to establish certain
mtrols on expenditures from such a fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
ity of Carlsbad as follows:
1.
2.
3.
4.
5.
That the above recitations are true and correct.
That there is hereby established a fund to be known
as the Liability Self-Insurance Revolving Fund.
That appropriations shall be made annually during
succeeding fiscal years in order to establish and
maintain a minimum balance of five hundred thousand
dollars ($500,000) in said fund,
That interest earning on the balance in said fund
shall be deposited into said fund.
That expenditures from said fund shall be limited
to the following purposes:
A. To pay premiums on excess liability insurance
policies.
To pay liability claims within the city's self-
insured retention.
B.
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C. To pay liability claims administration, adjustment
and legal defense costs,
6. That the sum of one-hundred thousand dollars ($100,000)
is hereby appropriated from the Contingency Account
to the Liability Self-Insurance Revolving Fund.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City
:ouncil on the 1g& day of June , 1981 by the
iollowing vote, to wit:
AYES: Council Menibers Packard, Casler, hear, Lewis and Kdchin
NOES: None
ABSENT: None
RONALD C. PACKARD, Mayor
4TTEST :
k -
K@3N R. S-S, Deputy City Clerk
(SEAL)