HomeMy WebLinkAboutResolution 4406 /
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��b. - CITY of ORONO
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�,� G'� � RESOLUTION OF THE CITY COUNCIL
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A RESOLUTION TO CREATE THE INSUR.ANCE FUND,
AN INTERNAL SERVICE FUND
WHEREAS, it is advantageous to centralize the provision of certain goods and
services within the City in an internal service fund type,thereby providing a useful means
of accounting for such centralized intragovernmental activities; and
VV�EREAS,the City has risk exposures common to activities of its various funds;
NOW THEREFORE BE IT RESOLVED, that the Orono City Council, hereby
authorizes the creation,of the Insurance Fund, an Internal Service Fund, to be effective
January 1, 2000.
BE IT FURTHER RESOLVED, that the General Fund provide initial funding to
• the Insurance Fund through an operating transfer of$123,900, effective January 1, 2000;
and that any dividends received from the City's insurer be deposited in the Insurance
Fund; and that the Insurance Fund participate in the City's pooled investment program;
and that the Insurance Fund shall recover the annual insurance expense in amounts as
budgeted in the various departments and funds of the City.
Adopted by the City Council of the City of Orono, Minnesota at a regular meeting
held December 13, 1999. .
ATTEST:
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Linda S. Vee, City Clerk Gabri 1 Jabbour,Mayo
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