1985 049 Resolution - Laserfiche WebLink

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RESOLUTION N0. 85-49 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 AG ENCY IN THE AMOUNT OF SEV EN THOUSAND THIRTY SIX DOLLARS ($7,036.00) FOR PROPERTY AND PACKAGE INSURANCE COV ERAGE, DECLARING THE SAME TO BE AN EMERG ENCY PURCHASE AND DECLARING AN EMERG ENCY. 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 property and package 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 property and- package coverage at a premium cost of Seven Thousand Thirty Six Dollars (57,036.00); 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 property and package insurance coverage from the Love Insurance Agency in an amount not to exceed Seven Thousand Thirty Six Dollars (57,036.00) for coverage from June 1, 1985 through June 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 competitive bidding is hereby declared to be detrimental to Village ' interest.