Resolution 08842CITY OF ALAMEDA RESOLUTION NO. 8842
ESTABLISHING A LIABILITY INSURANCE
RESERVE FUND
WHEREAS, effective December 1, 1977, the City of Alameda
and the Bureau of Electricity have undertaken to become self
insured to a limited extent for the purposes of public liability
insurance; and
WHEREAS, the contract authorized by the City Council pro-
vides for a $100,000 self insured provision, with $5,000,000
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 $175,000 from the City and
$58,000 from the Bureau of Electricity 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 COUNCIL OF THE CITY
OF ALAMEDA 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" in the amount of
$233,000. 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.
I, the undersigned, hereby certify that the foregoing Resolution
was duly and regularly introduced and adopted by the Council of the
City of Alameda in regular meeting assembled on the 20th day of December,
1977, by the following vote, to wit:
AYES: Councilmen Beckam, Diament, Sherratt, Tillman and
President Corica, (5).
NOES: None.
ABSENT: None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
official seal of said City this 21st day of December, 1977.
City Clerk of the City of Alameda