HomeMy WebLinkAbout76-07 - Establishing Self Insurance FundRESOLUTION NO. 76-7
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA ESTABLISHING THE SELF-INSURANCE FUND
FOR THE PURPOSES OF RECEIVING DEPOSITS; PAYING
CLAIMS; PURCHASING STOP LOSS INSURANCE; COMPEN-
SATING OUTSIDE ADMINISTRATORS; PAYING THE COSTS
OF ALL OTHER OPERATIONS NECESSARY AND INCIDENTAL
TO SELF-INSURANCE; AND ACCOUNTING FOR AND REPORT-
ING THE RESULTS OF THE SELF-INSURANCE OPERATIONS
OF THE CITY OF COSTA MESA.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE AS
FOLLOWS:
THAT, WHEREAS, the City of Costa Mesa has experienced escalating
increases in the premium costs of various forms of insurance; and
WHEREAS, the City of Costa Mesa has been self-insured for work-
men's compensation for two fiscal years; has become self-insured for
employee group major medical coverages, and has become self-insured for
employee long-term disability coverage; and
WHEREAS, it may become necessary in the interest of sound fiscal
practice and planning for the City to become self-insured for general
liability coverage and other forms of insurance; and
WHEREAS, it is necessary in the interest of sound fiscal practice
and planning to establish a separate fund in the annual budget and the
general accounting system of the City of Costa Mesa in order to properly
account for and report the results of self-insurance operations;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
Costa Mesa does hereby establish a Self -Insurance Fund in the general
accounting system and the annual budget of the City of Costa Mesa as of
July 1, 1975, and does hereby order the City Manager to cause to be
transferred into the Self -Insurance Fund all deposits, expenditures, and
appropriations relating to self-insurance operations from all other
funds wherever found;
BE IT FINALLY RESOLVED that the sum of One Hundred Thousand
($100,000.00) Dollars be advanced to the Self -Insurance Fund from the
General Fund for working capital purposes.
PASSED AND ADOPTED this 5th day of January, 1976.
ayor of the City of Costa esa
ATTEST:
City Clerk of the City of Coat esa
4ZS
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF COSTA MESA )
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa hereby certify that the above and
foregoing Resolution No. 76-7 was duly and regularly passed and adopted
by the said City Council at a regular meeting thereof, held on the 5th
day of January, 1976.
IN WITNESS WHEREOF I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 6th day of January, 1976.
i
City
Clerk
CleK
of the
City
Council of
the City
of Cota
Mesa
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