(A) The city has, by Ord. 1987-6, duly enacted on June 10, 1987, authorized the execution of the interlocal cooperation agreement to establish the Kentucky Municipal Risk Management Association (the Interlocal Agreement), dated as of April 15, 1987, now known as the Kentucky League of Cities Insurance Services.
(1) The interlocal cooperation agreement has been duly executed by the Mayor and attested by the City Clerk-Treasurer and the city has become a party to the interlocal agreement and a member of the Kentucky League of Cities Insurance Services (KLCIS).
(2) The governing Board of Trustees of the KLCIS has created a General Insurance Trust (the Trust) as authorized by the interlocal agreement for the purpose of providing the KLCIS members with pooled self-insurance and/or third-party insurance coverages against various public liability and property damage risks.
(3) The city desires to become a participating member in the Trust and to obtain, from or through the Trust, public liability and property damage insurance coverages as are deemed advisable by the city.
(4) Under the terms of the interlocal agreement and the Articles of Association and By-Laws of the KLCIS, each member of the KLCIS must execute a binding trust participation agreement prior to becoming a participating member in the Trust.
(5) The city has been provided a copy of the trust participation agreement for the Kentucky League of Cities Insurance Services General Insurance Trust (the Trust Participation Agreement), which sets forth the authorities, rights, duties and liabilities of the city and the KLCIS in connection with the city’s participation in the Trust.
(6) The officials of the city have examined the trust participation agreement and are aware of the authorities, rights, duties and liabilities of the city and the KLCIS under the trust participation agreement.
(B) The participation by the city in the Trust and the purchase from or through the Trust of the public liability and property damage insurance coverages, as may be deemed advisable by the executive and legislative authorities of the city, are hereby approved.
(C) The Mayor is hereby authorized to execute and deliver, for and on behalf of the city, in connection with its participation in the Trust, the trust participation agreement, substantially in the form attached to Ord. 1987-8 as Exhibit A.
(`96 Code, § 33.30) (Ord. 1987-8, passed 8-4-1987)