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14658 1 RESOLUTION NO. 14,658 2 3 A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO RENEW 4 THE CONTRACT WITH AFFILIATED FM, IN THE AMOUNT OF SIX 5 HUNDRED SIXTY THOUSAND, ONE HUNDRED EIGHTY-FIVE 6 DOLLARS ($660,185.00); FOR PROPERTY AND CASUALTY 7 INSURANCE FOR CITY BUILDINGS AND STRUCTURES; AND FOR 8 OTHER PURPOSES. 9 10 WHEREAS, it is necessary for the City to insure its various buildings and structures, valued at Four 11 Hundred Seventy-Three Million Dollars($473,000,000.00)for damage from fire and other matters,and the 12 premium with Affiliated FM to do so will actually decrease slightly; and, 13 WHEREAS,this renewal will be the sixth of a seven(7)-year possible renewal term; 14 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY 15 OF LITTLE ROCK,ARKANSAS: 16 Section 1. The City Manager is authorized to enter into an agreement with Affiliated FM in the 17 amount of Six Hundred Sixty Thousand, One Hundred Eighty-Five Dollars ($660,185.00) to provide 18 Property and Casualty Insurance for City buildings and structures in the 2017-2018 time frame. 19 Section 2. Funds for this agreement are available as a 2018 Budget line item for Property Insurance. 20 Section 4. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or 21 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or 22 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and 23 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the 24 resolution. 25 Section 5. Repealer. All laws,ordinances,resolutions,or parts of the same,that are inconsistent with 26 the provisions of this resolution,are hereby repealed to the extent of such inconsistency. 27 ADOPTED: October 17,2017 28 ATT;.-: APPROVED: 29 1104 / // 30 31 i 'I ley,City Clerk Mark Stodola, ayor 32 APP % : I AS TO LEGAL FORM: 33 34 ‘74(16404441/4 ' 35 Thomas M.Carpenter,City.6orney