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RESOLUTION N0. 85-50 INTRODUCED BY: Mayor Carmen & Council as a Whole A RESOLUTION AUTHORIZ ING THE MAYOR AND DIRECTOR OF FINANCE TO EXECUTE A CONTRACT FOR THE PURCHASE OF INSURANCE FROM LOVE INSURANCE AGENCY IN THE AMOUNT OF TWENTY FOUR THOUSAND~SEVEN HUNDRED TWENTY EIGHT DOLLARS AND THIRTY FIVE CENTS ($24,728.35) FOR AUTOMOBILE AND GENERAL LIABILITY INSURANCE COVERAGE, DECLARING THE SAME TO BE AN EMERGENCY PURCHASE AND DECLARING AN EMERGENCY. WHEREAS, Mayfield Village has recently retained the services of an insurance consultant to negotiate for, and to advise the municipality on the purchase of, the various policies of insurance necessary to protect against liability claims; and WHEREAS, the Village insurance consultant has advised the Mayor and Council that several policies of insurance, including the coverage for automobile and general liability insurance, were ready to expire at the time the said consultant was retained; and WHEREAS, the Village insurance consultant has been able to readily obtain available insurance for automobile and general liability coverage at a premium cost of Twenty Four Thousand Seven Hundred Twenty Eight Dollars and Thirty Five Cents ($24,728.35); and WHEREAS, the Village insurance consultant has advised the municipality that the°foregoing premium is well within the fair market rate available at the present time; and WHEREAS, the purchase of the of oresaid insurance constitutes a true emergency which would result in a hardship to the residents of the municipality by leaving Village assets unprotected from liability claims; and WHEREAS, the Mayor and Council has determined, for the foregoing reasons, to authorize the purchase of the said insurance; now, therefore, BE IT RESOLVED BY THE COUNCIL OF HAYFIELD VILLAGE, OHIO, THAT: Section 1. The Mayor and Director of Finance are hereby authorized and directed to execute a contract for the purchase of automobile and general liability insurance coverage from the Love Insurance Agency in an amount not to exceed Twenty Four Thousand Seven Hundred Twenty Eight Dollars and Thirty Five Cents ($24,728.35) for coverage from July 1, 1985 through July 1, 1986, provided that said contract of insurance is in accordance with the recommendation of the Village insurance consultant. Section 2. The purchase of insurance authorized herein is hereby declared to be a true emergency for the reasons set forth in the preamble hereto and, for the foregoing reasons, the requirement of