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1 ORDINANCE NO. ZQ 7- )/' <br /> 2 <br /> 3 AN ORDINANCE creating a special fund, <br /> entitled, "George Culmback Dam Self-Insurance Fund 602" <br /> 4 specifying the purpose of such fund, the source o� <br /> revenue and providing for expenditures therefrom. <br /> 5 <br /> 6 <br /> WHEREAS, the City of Everett entered into an agreement on July 21, 1960, with <br /> 7 <br /> the public Utility District No. 1 of Snohomish County for Multipurpose Development of <br /> 8 <br /> the Sultan River which requires in Article VIII, Section 2, that the Public Utility <br /> 9 <br /> District and the City of Everett jointly share the cost of insurance to provide coverage <br /> 10 <br /> against liability resulting from "either partial or complete failure of any structure <br /> 11 <br /> constructed by the district as part of the project;" and <br /> 12 WHEREAS, the City of Everett and the Public Utility District No. 1 of <br /> 13 Snohomish County have jointly purchased both primary and umbrella liability insurance <br /> 14 against possible liability arising from George Culmback Dam; and <br /> 15 WHEREAS, the cost of liability insurance for George Culmback Dam has <br /> 16 increased approximately 600% since 1973 leading the Public Utility District No. 1 of <br /> 17 Snohomish County and the City of Everett to consider a method of self-insuring the <br /> 18 primary layer of insurance on the dam only if the risk of doing so to the City is limited <br /> 19 and the premium savings substantial; and <br /> 20 WHEREAS, an "agreement between the Public Utility District No. 1 of <br /> 21 Snohomish County and the City of Everett for self insured primary coverage regarding <br /> 22 the Sultan project" has been entered into by the Public Utility District No. 1 of <br /> 23 Snohomish County and the City of Everett on April 18, 1979, for joint payment of all <br /> 24 claims for liability arising from George Culmback Dam at the primary level; <br /> 25 NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> 26 Section 1: That a special fund, Fund 602, is hereby created known as the <br /> 27 George Culmback Dam Self-Insurance Fund. The purpose of said fund is to provide a <br /> 28 means of disbursing funds for joint payment of claims, related legal fees and claims, and <br /> 29 administrative costs that may arise from George Culmback Dam, effective as of April <br /> 30 18, 1979. <br /> 31 <br /> 32 <br />