HomeMy WebLinkAboutCC RESO 13,507RESOLUTION NO. 13,507
RESOLUTION ESTABLISHING A LIABI.LITY INSURANCE
FUND
BE IT RESOLVED By the City Council of the City
of National City as follows:
1. That there is hereby established a property
and liability insurance expense fund to be known as the
"Liability Insurance Fund'.
2. That funds will be deposited into the Liability
Insurance Fund from other City funds.
3. That said Fund shall be used for the follow-
ing purposes:
a. Payment of liability and property
insurance premium costs
b. Payment of claim adjusting costs
c. Payment of claim settlement costs
d. Payment of insurance consulting service
cost
e. Establishing deductible reserves
4. That all monies in the existing Auto Liability,
Liability Insurance, and Fire Insurance Funds are hereby
transferred to the new Liability Insurance Fund.
5. That all monies accumulated in said Fund are
to be invested and accumulated investment interest is to
be credited to the funds reserves account.
PASSED AND ADOPTED this 3rd day of February 1981.