HomeMy WebLinkAbout1977 065 CC RESO1977 065 CC RESO ;¢fì õ ÜpeRESOLUTION NO. 77-65
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF BALDWIN PARK,
CALIFORNIA, ESTABLISHING A
LIABILITY INSURANCE RESERVE FUND
WHEREAS, effective July 6, 1977, the City of Baldwin Park has
undertaken to become self insured to a limited extent for the purpose of
public liability insurance;
WHEREAS, the contract authorized by the City Council provides for
a $50,000 self insured provision, without a 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 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
Baldwin Park, California, as follows:
1. That the above recitations are true and correct.
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". 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.
PASSED, APPROVED AND ADOPTED this 18th day of August, 1977.
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ATTEST:
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THELMA L. BALKUS, CITY CLERK
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES) SS:
CITY OF BALDWIN PARK
I, THELMA L. BALKUS, City Clerk of the City of Baldwin Park do hereby
certify that the foregoing resolution was duty and regularly approved and
adopted by the City Council of the City of Baldwin Park at its regular meeting
of the City Council on the 18th day of August, 1977, by the following vote:
AYES: COUNCILMEN KITCHEL, HAMILTON, AGUILAR, BLEwETT AND MAYOR WALDO
NOES: COUNCILMEN
ABSENT: COUNCILMEN
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THELMA L. BALKUS, CITY CLERK
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