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CITY OF NORTH OLMSTED <br />ORDINANCE N0. 88-35 <br />BY: RONALD J. WILAMOSRY <br />AN ORDINANCE ESTABLISHING A CASUALTY LOSS RESERVE FUND <br />FOR THE PURPOSE OF MAINTAINING AN ACCOUNT FROM WHICH TO <br />DRAW IN THE EVENT THE CITY EITHER SUSTAINS A CASUALTY <br />LOSS OR HAS A CLAIM FILED AGAINST THE CITY WHEREIN THE <br />CITY IS OBLIGATED TO ABSORB A LOSS DUE TO THE DEDUCTABLE <br />IN THE CITY'S INSURANCE PROGRAM, AND DECLARING TO BE AN <br />EMERGENCY. <br />WHEREAS, the City has, because of the increase in insurance premiums, <br />been required to establish a new insurance program incorporating single <br />occurrence deductables and annual aggregate deductables; and <br />WHEREAS, because of the aforesaid insurance program the city has <br />experienced a substantial insurance premium savings; and <br />WHEREAS, even though there has been substantial insurance premium <br />savings the city now has greater responsibility in covering first dollar <br />loss including defense costs, for both property damage and liability; and <br />WHEREAS, because of the new insurance program it is not only prudent <br />but essential that the city establish a CASUALTY LOSS RESERVE FUND for the <br />purpose of covering self insured deductable amounts which include costs of <br />investigating and adjusting casualty loss. <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH <br />OLMSTED, CUYAHOGA COUNTY AND STATE OF OHIO: <br />SECTION 1: That there is hereby created a CASUALTY LOSS RESERVE FUND <br />from which shall be drawn any and all expenses of investigation, claims <br />adjusting, discovery, litigation and settlements relating to loss or claims <br />against the City of North Olmsted, its employees or officials which fall <br />within the City's deductable portion of its current insurance program. <br />SECTION 2: That the Director of Finance be and he is hereby directed <br />to establish a CASUALTY LOSS RESERVE FUND and to make payments out of the <br />said fund consistent with this Ordinance. <br />SECTION 3: That this ordinance is hereby declared to be an emergency <br />measure immediately necessary for the preservation of the public health, <br />safety, and welfare and for the further reason that it is immediately <br />necessary to establish a CASUALTY LOSS RESERVE FUND so as to have the City <br />establish a program consistent with the principles of risk management, and <br />1