HomeMy WebLinkAbout94-132 CITY OF LAKEVILLE
RESOLUTION
Date July 5, 1994 94-132
Resolution No.
Motion by Johnson Seconded by sindt
RESOLUTION SELF-INSURING SURETY BONDS
WHEREAS, Minnesota Statute 412.11 requires- the City
to obtain a Corporate Surety Bond for their. City Clerk and
Treasurer; and
WHEREAS, the 1993 Legislature adopted Chapter 218
which provides "a home rule charter or statuatory city may use. the
self-insurance revolving. fund or pool to discharge the .bond
requirements provided by state law for officers and employees of
the city"; and
WHEREAS, the City wishes to self-insure the surety
bond requirements; and
WHEREAS, the City wishes to increase the level of
coverage of its surety bond.
NOW THEREFORE BE IT RESOLVED, that the City Council
does hereby authorize .and direct that:
a) $1,679 to be deposited annually into a
self-insurance fund for the purpose of meeting the
requirements of Minnesota Statute 412.11; and
b) The cancellation of the bond from United Fire and
Casualty of Iowa; and
c) The acquisition of $500,000 bond with a $100,000
deductible from Allied Group Insurance.
APPROVED AND ADOPTED by the City Council of the City
of Lakeville, Minnesota, this 5th day of July, 1994
CITY OF„LAKEVILLE
BY: ,
D ane Zaun ayor
~~s
TTEST•
harlene Friedg City Clerk