CCMIN071382 - Laserfiche WebLink

193 1. Authorize the staff to purchase the following insurance policies; (a) Canadian Indemnity Insurance Co., $1,000,000 of Municipal Liability Insurance in excess of the $50,000 S.I.R., with a $300,000 annual Stop Loss, including two years prepaid with a 10% discount $42,863 (b) Lexington Insurance Co., $9,000,000 Umbrella Liability 6,800 (c) Fremont Indemnity Ins. Co., Property and Crime Insurance 13,650 (d) Continental Insurance Co., Boiler & Machinery Pro. 4,153 (e) Employer's Reinsurance Corporation, Excess Worker's Com- pensation 9,900 2.Authorize the staff to renew the following contracts for claims administration for the City's Self-Insurance Program; (a) R. L. Kautz, Claims Administrator for Municipal Liability (b) E.S.I.S., Claims Administrator for Worker's Compensation be adopted. The roll call vote was as follows: AYES: Councilmembers Brandes, Mercer, Mohr, Wood, and Mayor Butler NOES: None ABSENT: None Police Facility Financing Program Mr. Walker presented his report (SR 82:267) dated July 13, 1982, regarding this matter. Councilmember Mercer expressed concern because staff was to bring back alter- natives, but instead brought a decision to be made now. He stated he did not feel that the City should pay three times the cost of the facility by financing it long- term when the money was budgeted to pay cash. Mr. Walker reviewed the proposed financing program in detail and indicated the reason for using the long term financing is because of the slow down in the building industry. Revenues from new developments will not be forthcoming unless the market picks up. It is critical to begin the police facility now and therefore this financing proposal must be approved soon due to the timetable involved. Mr. Walker stated that because of the impending railroad consolidation project it is question- able if the City would have the funds to finance both the consolidation and the police facility; by going to long-term financing, both projects are assured. Mr. Ernest Bodner, Executive Vice President of Stone and Youngberg, addressed the Council regarding the financing program. He stated the existing nonprofit corporation could be used for construction and leasing the facility back to the City. If cash were available, the City could contribute to the construction cost of the building. Mr. Bodner stated the reason approval is necessary now is to stay on the time schedule for obtaining construction bids and begin construction by September, before the rainy season. To do this it is necessary to introduce the ordinance expressing intent to enter into the long-term financing program. 13. 7/13/82