1978/06/21 Council Minutes - Laserfiche WebLink

3]8 .Tune 21,1978 resolution nautvg the Mayor.of the City orto-institute uta' progamvhethe City of Everett may eco aelfinsuredemployer for purposes fulfilling asobligations under Industrial Insur- ance nauthorizing the•Mooof the City o- to fulfill all- obligations as required by lav tbecome a self-insurer. whereas,in 1971 the Washington State Legislature passed a bill allowing Workman's Compensation on a self-insured basis, Whereas,the City of.B had a study performeddtr determine the feasi- bility of self-insuring it Workman's Compensation;and et sv Where,.i thesults c d study revealed thatthecould incur sub- stantial cost savings andaothere financial ebenefits;eand Whereas,thepiemium for insuring the employees of the City of Everett for Workman's Compensation h at least 7E8 in the last year and is ex- pectko ven moel and ed therues C eratitutea a policy of Risk M to• 1 preserve iia assets an a minimize the impact of financialmloss;wandde quire Whereas,t will b required by law to fulfill the f - 1. Provide for claims management and administration services; 2. Pay any deficit owed to the State fund; 3. vide-securities in order toaindicate the stability and con- 4. Proving con- tinuing ofthe City;account protectagainst any un - ctea large losses. 5 trust Establish a claims payment.account. • Now,therefore':be it resolved by the City Council of the City of Everett. • • 1. aauthorfzeda ted L program o self--iinsurance for the City's iWorkman's Compensation obligations; • 2, r is authorised t direct the C The receiving trust account-for therurpeseaofrfulfillingb the e tory requirements s Tf-insurer. 3. he Mayor is authorized to he City Treasurer ce in order fulfillther quire row• • • ttments a a se e standing securities owned by theCltyaan in • 4. Mayor is authorized to direct the•city Treasurer to make inter- t EwemI s ane as em3lpwe: II • a. By making an interfund loan from the Guaranty Fund in the amount-of$150,000 cash,1100,000 of hichash in a receiving t and 550,000 which shall be placed to defray the account in items 5,6 and 8 below. Said$150,000 ion outlined a to f c o(2;years a 58 interest. The source payment shallbea balance of premiums owed to theState fun n 1978 and future budget ns appropriatio .. • b. of making a ointerfunaloan-f m'the L.I.D. uars and unties t be placed-in escrow account State Departmentnofrthe terms Labo nd etrvesd by the Washington 5. The Mayor is authorized-c directed to sign a contract with Scott Wetzel Services.Inc.for administration and claims management services, • e the State n prior ized a. directed to pay any deficit owed to