A. Membership Authorized: The City Council authorizes and approves membership in the Illinois Municipal League Risk Management Association and directs the Mayor and Clerk to execute an intergovernmental cooperation contract with the Illinois Municipal League Risk Management Association for membership for a period of one year beginning the date the association commences providing risk coverage to its members and each year thereafter unless this section is repealed.
B. Costs Of Membership:
1. The City Treasurer is hereby directed to transmit to the Illinois Municipal League Risk Management Association a sum of money equal to seventy five percent (75%) of the insurance premiums charged the City for its policies currently in force for property, inland marine, comprehensive general liability, automobile liability, automobile physical damage, crime, and workers' compensation coverages (or 75 percent of the insurance services office annual rates for such coverages if any of such coverages are not presently carried by the City), which sum shall constitute the cost of the City's first year contribution for membership in the association.
2. Membership contributions for second and subsequent years shall be calculated in accordance with the Municipal budget formula taking into consideration total operating expenditures of the City (less specific exclusions), loss experience of the City, and total losses and expenditures of the Self-Insured Retention Fund of the association. (Ord. 1009, 10-20-1980)