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<br />~ ! ~....- <br /> <br />TUESDAY, JUNE 24, 1986 <br /> <br />then introduced his motion that the proposed resolution be adopted, with the under- <br /> <br />standing that the City Manager would negotiate a satisfactory interest rate on the <br /> <br />balance of $10,310.00 and/or develop some other method for the financing thereof. <br /> <br />At this point Mayor Cole expressed his strong "exception" to the proposed resolution, <br /> <br />noting that City Manager Brown's originally-proposed budget recommended sufficient <br /> <br />funds for the purchase of this equipment, plus a magnetic tape drive. Even so, with <br /> <br />Council's reduction thereof, Mayor Cole indicated that the larger CPU is sorely <br /> <br />needed and should be purchased, but not with borrowed funds. Councilman Oakes then <br /> <br />re-worded his motion, which was duly seconded, to the effect that City Manager Brown <br /> <br />be authorized to proceed with purchasing the larger CPU and be directed to report to <br /> <br />Council with a recommended "in-house" financing procedure for the balance of the <br /> <br />$10,130.00. This motion carried unanimously. <br /> <br />Mr. R. L. ("Dick") Fisher, of Industrial Insurance Management Corporation (the City's <br /> <br />insurance consultant), appeared before Council and reported that, despite intense <br /> <br />efforts to find an insurance company willing to insure all or a part of the City's <br /> <br />property and casualty exposures for the year beginning July 1, 1986, presently the <br /> <br />City has only the following options: <br /> <br />1. Property (All Risk) Insurance to be provided by United States <br />Fidelity & Guaranty Company, through Ford Insurance Agency <br />(Martinsville) for one year at a premium cost of $27,440.00, <br />a cost and rate Mr. Fisher considered as being excellent from <br />the City's standpoint; <br /> <br />2. General Liability and Auto Liability coverage through the re- <br />cently-formed Virginia Municipal League's Self-Insured Group <br />at a total first-year cost (including a loss fund contribution <br />by the City of $126,700.00) of $443,452.00, which Mr. Fisher <br />described as being "....completely out of line when compared <br />to prior years' costs or to losses incurred...", which over <br />the past three years averaged $51,675.00 in premium cost and <br />$6,088.00 in claims paid; <br />