Fl. League of Cities, Inc. - Laserfiche WebLink

Home Browse Search

OR I q 2 q PG I 0 q 0 c WHEREAS, said Resolutions found the creation of such a program would result in cost savings to said Programs and to units of local government participating in said Programs and would enhance the competitiveness of said Programs and said Programs' abil i ty to create and provide tailor-made coverages to units of local government participating in said Programs; and WHEREAS, it is the intent of the City of palatka, Florida, the city of st. Augustine Beach, Florida, the city of Sunrise, Florida, and the city of Treasure Island, Florida to create said program and to hereby facilitate the Programs' request to combine the assets, management, and operation of said Programs. NOW, THEREFORE, FOR AND IN CONSIDERATION OF THE MUTUAL COVENANTS, PROMISES AND OBLIGATIONS HEREIN CONTAINED, WHICH ARE GIVEN TO AND ACCEPTED BY EACH MEMBER HEREOF AS TO THE OTHER, THE PARTIES HERETO DO HEREBY COVENANT, STIPULATE AND AGREE AS FOLLOWS: ARTICLE I - ESTABLISHMENT AND PURPOSE OF TRUST section 1. Establishment of Trust There is hereby established and created the Florida Municipal Insurance Trust, hereinafter referred to as the "Fund", the operation and administration of which shall be the joint responsibility of a Board of,Trustees. section 2. Purpose of Trust The Fund shall be administered for the following uses and purposes: c a. To payor provide for casualty coverage to participating members; b. To payor provide for property coverage to participating members; c. To pay for or provide to its participating members coverage in anticipation of any judgement or settlement resulting from a civil rights action arising under federal law; d. To pay for or provide to participating members coverage in anticipation of any claims bill passed by the Legislature; e. To pay for or provide to participating members coverage for any other risk authorized under Florida law to be self- insured. f. To pay for or provide to participating members all or a part of such coverages. ARTICLE II - TRUSTEES Section 1. Qualifications of Trustees The operation and administration of the Fund shall be the full responsibility of a Board of Trustees consisting of a number of Trustees selected from the ranks of elected officials of municipalities participating in the Fund. To the extent service on said Board of Trustees is subject to Art. II, Sec. 5, Fla. Const., said service shall be deemed "ex officio duties" to the duties performed by said elected officials. Section 2. Initial Board of Trustees o ~ The initial Board of Trustees shall consist of the combined Boards of Trustees of the Florida Municipal Liability Self-Insurers Program, and the Florida Municipal Property Self-Insurers Program. []