RES 78184 - Laserfiche WebLink

CITY OF PLEASANTON COUNTY OF ALAMEDA STATE OF CALIFORNIA RESOLUTION NO. 78-184 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON, CALIFORNIA, ESTABLISHING A LIABILITY INSURANCE RESERVE FUND. WHEREAS, effective July 1, 1978, the City of Pleasanton, California has undertaken to become self insured to a limited extent for the purposes of public liability insurance; and WHEREAS, the contract authorized by the City Council provides for a $50,000.00 self insured provision, with $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 within 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 PLEASANTON, CALIFORNIA, AS FOLLOWS: Section 1. That the above recitations are true and correct. Section 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. THIS RESOLUTION WAS ADOPTED ON July 11, 1978, BY THE FOLLOWING VOTE: AYES: Councilmembers Brandes, Butler, Kephart, Wood and Mayor Mercer NOES: None ABSENT: None