When it becomes necessary to purchase insurance for the city, the Public Property, Public Utilities and Transportation Committee will contact at least three insurance agents and request such agents to submit recommendations as to the best and most economical manner in which to meet the insurance needs of the city. The Committee will then submit the recommendations to Council, which shall study the recommendations and determine the types and amounts of insurance to be purchased by the Director of Finance. If the premiums of such insurance exceed $4,000, the Director shall be directed to advertise for bids in the manner provided by law. The Director of Finance is authorized to evaluate or continue participation in municipal insurance pools legally established by one or more political subdivisions if the cost of such membership in the pool is considered to be economically beneficial to the city.
(Ord. 1988-58, passed 5-16-1988)