Res 130-85 9/24/1985RESOLUTION NO. gJ—(,
RESOLUTION AUTHORIZING AN INCREASE
IN THE COMPREHENSIVE LIABILITY
RESERVE FUND
WHEREAS, the City has heretofore established a $250,000 reserve fund for
general liability claims , and it is deemed advisable to increase this reserve
fund to $1 ,000,000 for general liability, automobile liability, and police
professional liability claims.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF WICHITA FALLS, TEXAS,
THAT:
The present $250,000 reserve fund shall be increased to $1 ,000,000 effective
September 30, 1985. In addition, this fund shall be increased by $250,000 per
year until it totals $3,000,000. Such increases shall begin with fiscal year
1985-1986.
This fund shall be earmarked for general liability, automobile liability,
and police professional claims. It shall also be used to cover any claims made
against the City for which the City is uninsured and to cover all deductibles
on claims for which the City is insured.
PASSED AND APPROVED this the 24th day of September, 1985.
i
Y O R
ATTEST:
City Clerk