HomeMy WebLinkAboutRESO 5543• • ORIGINAL
Rr.:SOLUTIOU UO. w3
RESOLUTION OF TUE COUUCIL OF T CITY OF PALO ALTO
ESTABLISHING A LIABILITY IUSURAUCE RESERVE FU?ID
WHEREAS, effective April 1, 1978, the City of Palo Alto has
undertaken to become self-insured to a limited extent for the
pu.cposes of public liability insurance; and
lnlEREAS. the contract authorized by the City Council provides
for a Five Hundred Thousand Dollar ($500,~00) self-insured pro~
vision; and
UHEREAS, to carry out the provisions ef_ 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 One Hundred Thousand Dollars
($100,000) would be ade~uate to establish said formal loss fund,
which will be entitled 'The Liability Insurance Reserve Fund"; and
WHEREAS. the City Council is desirous ~t this time and deems it
to be in the beet public interest to so establish said Liability In-
burance Re~erve Fund;
UOW, T"dEREFORE, the Council of the City of Palo Alto does RESOLVE
as follc·ws:
SECTION 1. That the above recitations are true and correct.
SECTIOU 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 One Hundred
Thoueand Dollars ($100,000). 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.
SECTION 3. l'he Council finds that this is not a project as de-
fined in Section 11.04.130 of the Palo ·Alto Municipal Code and,
therefore, no environmental impact assessment is necessary.
INTRODUCED AIID PASSED: May l, 1978
AYES: Brenner, Clay, Eyerly, Fletcher, Henderson. Sher, Witherspoon
NOES: None
ABSTENTIONS : None
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ABSENT: Carey, F-azzino
ATTEST: . a;J.~wa~
APPROVED AS TO fORM:
f)~21/:h,.
Assistant 't!tty Att~
LEGENDS
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RAkVARfi
HANOVER
b r riers Existing a
Reconunended
barrier
3-way stop Remove
d change to an on l··way stop
Wellesley
l l 3-way stop Ins ta
1978
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