HomeMy WebLinkAboutRes 387TRUST JOINDER RESOLUTION 7S
WHEREAS insurance costs are often a significant portion
of any city's budget, and
WHEREAS controlling insurance costs, providing adequate
and appropriate coverages, and the securing of potential
returns of dividends from an insurer to the city is in the
interest of the city and its taxpayers and residents, and
WHEREAS the League of Kansas Municipalities has entered
into and established a trust agreement establishing a
Municipal Safety Group Insurance Trust to provide insurance
cost control and appropriate coverages, and to receive and
distribute potential dividends; now, therefore
BE IT RESOLVED, by the Governing Body, that this City
does hereby authorize the Preferred Risk Mutual Insurance
Company and the Midwest Mutual Insurance Company to send
dividend payments to the trust established by the League of
Kansas Municipalities, and
BE IT FURTHER RESOLVED that this joinder resolution and
trust are undertaken pursuant to the provisions of K.S.A.
Supp. 75 -6111 and 12 -2901 et seq and the general and home rule
powers of cities, and that the Trustees of the League Trust
may deposit, invest, disburse, and control such dividends in
accordance with those practices of accounting and investment
which are applicable to municipalities under the laws of
Kansas and in accordance with the Agreement and Declaration of
Trust established by the League of Kansas Municipalities.
Such deposits, investments and disbursements may be made on
behalf of this City without further authorization, and the
bank acting as the depository shall be held harmless in the
handling of such funds when acting under the directions of
such Trustees.
Adopted this 28 day of March 19 84
by the Governing Body of the City of Missio Kansas.
Sylvester Powell, Jr., Mayor
(Name and Title of Attesting Officer)