HomeMy WebLinkAbout4007_CCv0001.pdf RESOLUTION NO. 4007
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS
CONTINUING ITS SELF-INSURED RETENTION PROGRAM AND
INSURANCE TRUST FUND AND RESCINDING RESOLUTION NO. 3392
WHEREAS, it is necessary for the City to continue its self-
insured retention program to meet general insurance and liability re-
quirements; and
WHEREAS, it continues to be necessary to accumulate reserve funds
to support this program;
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1 . The Insurance Trust Fund created by Resolution No . 3392 shall
be continued.
2. Charges to the various funds for insurance coverage shall
continue to be accumulated in the Insurance Trust Fund.
3 . Reserves established in the Insurance Trust Fund shall be
used to satisfy claims against the City, to defray expenses
incurred in conjunction with the City ' s insurance program,
and to loan money to other City funds with City Council ' s
approval at current market interest rates. Such loans shall
not exceed $1 , 000 , 000 in total amount or 25%, whichever is
less, of the then-existing balance in the Insurance Trust
Fund.
4 . All funds in the Insurance Trust Fund shall be held in active
accounts and may be invested at interest as provided by State
law.
5. All interest paid on such investments shall be credited to
the Insurance Trust Fund.
6 . The Finance Director shall establish an imprest cash account
with the City 's worker ' s compensation insurance carrier.
The balance in this account shall not exceed two month' s cost
experience.
7 . With the concurrence of the City Manager and the City Attorney,
the Finance Director is hereby authorized to offer settlement
of liability claims or litigation against the City up to an
amount of $10 , 000 per incident.
i
8. The City's liability insurance adjuster is authorized to
offer settlement of liability claims or litigation against
the City up to an amount of $1 ,000 per incident.
ADOPTED, SIGNED AND APPROVED this 15th day of January, 1985.
Mayor of the City of Redlands
ATTEST:
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Resolution No. 4007
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