1987 RES R-70-87 - Laserfiche WebLink

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WHEREAS, this Council proposes to authorize the execution of the above-described Agreement as amended by the First Amendment to ICRMA Liability Risk Coverage Agreement dated as of July 1, 1987 (such amended agreement being referred to herein as the "Agreement"), in the form presented to this Council for the purpose of providing Coverage for the City for the benefit of the City's residents and taxpayers and for the health and safety of the public; WHEREAS, the City has conclusively determined following investigation that either public entity liability insurance coverage is not available to the City from commercial insurers or from any other source or that such insurance is not available at a reasonable cost; WHEREAS, the City has further determined, based upon the advice of independent professional insurance consultants familiar with the cyclical nature of the reasonable availability of coverage in the commercial insurance market, that it is uncertain when such liability insurance is expected to become available at a reasonable cost, thereby in the interim exposing the City to self-insuring from available revenues on a year by year basis with the attendant risks of fiscal instability and ruinous burdens on its citizens in the event of large liability claims recoveries; WHEREAS, this Council hereby further determines that the periodic unwillingness of the commercial insurance market to 3 2658001B/2