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A RESOLUTION TO CREATE THE INSURANCE FUND, <br />AN INTERNAL SERVICE FUND <br />WHEREAS, it is advantageous to centralize the provision of certain goods and <br />services within the City in an internal service fund type, thereby providing a useful means <br />of accounting for such centralized intragovemmental activities; and <br />WHEREAS, the City has risk exposures common to activities of its various funds; <br />NOW THEREFORE BE IT RESOLVED, that the Orono City Council, hereby <br />authorizes the ;:'.eation of the Insurance Fund, an Internal Service Fund, to be effective <br />January 1,200i,‘. <br />BE IT FURTHER RESOLVED, that the General Fund provide initial funding to <br />the Insurance Fund through an operating transfer of $123,900, effective January 1, 2000; <br />and that any dividends received from the City's insurer be deposited in the Insurance <br />Fund; and that the Insurance Fund participate in the Cii>’s pooled investment program; <br />and that the Insurance Fund shall recover the annual insurance expense in amounts as <br />budgeted in the various departments and funds of the Cit>‘. <br />Adopted by the City Council of the City of Orono. Minnesota at a regular meeting <br />held December 13,1999. <br />ATTEST: <br />Linda S. Vee, City Clerk Gabriel Jabbour, Mayor <br />I om\Ms>varesi .n .s( u