BY COUNCILOR REINERT:
BE IT RESOLVED, that the proper city officials are authorized to do any acts and execute any documents necessary to collect a debt owed to the city by Spirit Mountain recreation area authority for SMRAA’s participation in the city’s worker’s compensation and liability self insurance pool in the principal amount of $231,512, in accordance with the repayment schedule on file with the city clerk as Public Document No. __________.
BE IT FURTHER RESOLVED, that any penalties and interest for late payment are waived, and SMRAA is allowed to continue participation in the city’s self insurance pool.
STATEMENT OF PURPOSE: SMRAA has contracted with the city to participate in the city’s liability insurance and worker’s compensation insurance program. Over the years, SMRAA fell behind in payments for $121,246 in fund contribution and $110,266.01 in administrative services. The parties negotiated a repayment schedule, and SMRAA has agreed to it. This resolution extends the time to repay the debt to that negotiated.