01-0261R

RESOLUTION AUTHORIZING PURCHASE OF INSURANCE FROM WORKERS' COMPENSATION REINSURANCE ASSOCIATION FOR YEAR 2001 AT A COST OF $24,764.62.

BY COUNCILOR EDWARDS:

        BE IT RESOLVED, that the proper city officials are authorized to purchase insurance from the Workers' Compensation Reinsurance Association for the year 2001, at an estimated cost of $24,764.62, which shall be payable from the self insurance fund.


STATEMENT OF PURPOSE:  This resolution approves purchase of workers' compensation reinsurance for year 2001. Purchase of this insurance by self funded workers' compensation plans like the city's is mandated by state law. The city carries a high retention level ($660,000) so that our premiums are kept at a low level. The cost to the city for this insurance in 2000 was $28,631.49.