HomeMy WebLinkAbout95-039 CITY OF LAKEVILLE
RESOLUTION
Date March 6, 1995 Resolution No. 95-39
Motion By xarvey Seconded By Mulvihill
RESOLUTION REPEALING RESOLUTION 94-132
A RESOLUTION SELF-INSURING SURETY BONDS
WHEREAS, on July 5, 1994, the City Council approved Resolution 94-132 Self
Insuring Surety Bonds; and
WHEREAS, said Resolution required a $1,679 to be deposited annually into a
self-insurance fund for the purpose of meeting requirements of Minnesota .Statute 412.11;
and
WHEREAS, Resolution 94-132 also required the acquisition of a $500,000 bond
with a $100,000 deductible from Allied Group Insurance at a cost of $1,017; and
WHEREAS, The League of Minnesota Citites offers a Fidelity and Faithful
Performance Bond coverage in the amount of $500,000 with a $500 deductible with an
annual premium cost of $1,141.
NOW THEREFORE BE IT RESOLVED, by the City Council of the City of
Lakeville, Minnesota, that Resolution 94-132 is hereby repealed.
APPROVED AND ADOPTED this 6th day of March, 1995.
CITY OF MLLE
By:
Duane Zaun, May
A'T~EST:
1
Charlene Fnedges, Crt Jerk