BY COUNCILOR REINERT:
RESOLVED, that the proper city officials are hereby authorized to execute an agreement with the Spirit Mountain recreation area authority which allows the authority to participate during 2004 in the city’s self insurance fund in the amount of $76,984 for purposes of general liability, workers’ compensation and employee honesty bond coverage, which agreement shall be substantially in the form of Public Document No. __________, on file in the office of the city clerk. Payments received will be deposited in Self Insurance Fund 0605-036-1658 and 0610-036-1658.
STATEMENT OF PURPOSE: This resolution approves an agreement with Spirit Mountain which sets forth the terms and conditions of its participation in the city’s self insurance fund for workers’ compensation and honesty bond coverage during 2004. With respect to liability coverage (which does not include liquor liability), Spirit Mountain retains the responsibility for the first $50,000 of loss in any occurrence.
Under this agreement, the authority will contribute $54,122 to the pool for worker’s compensation and $20,000 for liability coverage in excess of the $50,000. The above amount also includes a $2,500 administration fee and $362 for coverage under the city’s honesty bond.