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14697 1 RESOLUTION NO. 14,697 2 3 A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO RENEW 4 THE CONTRACT WITH METROPOLITAN LIFE INSURANCE 5 COMPANY FOR GROUP LIFE INSURANCE FOR A TWELVE (12)- 6 MONTH PERIOD EFFECTIVE JANUARY 1, 2018, TO DECEMBER 31, 7 2018; TO INCLUDE A CLAUSE WHICH PERMITS THE CITY TO 8 RENEW THE CONTRACT AT ITS OPTION FOR SIX (6) ADDITIONAL 9 YEARS; AND FOR OTHER PURPOSES. 10 11 WHEREAS,the City provides certain Life Insurance benefits for its employees,and after a competitive 12 selection process it was determined that the most qualified applicant with the best overall rate to provide 13 such insurance for the 1,910 current City employees is Metropolitan Life Insurance Company; and, 14 WHEREAS,the basic cost of such coverage to the City will Four Hundred Twenty Thousand Dollars 15 ($420,000.00)for 2018,which means that there is no increase in the cost of the premium for this insurance; 16 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY 17 OF LITTLE ROCK,ARKANSAS: 18 Section 1. The City Manager is authorized to enter into a renewal agreement with Metropolitan Life 19 Insurance Company for Group Life Insurance for the period of January 1,2018,to December 31,2018, for 20 an amount not to exceed Four Hundred Twenty Thousand Dollars($420,000.00). 21 Section 2.Funds for this agreement will be available from a line item for Group Life Insurance in the 22 2018 Budget,Account No. 102701. 23 Section 3.Pursuant to approval by the City,this contract may be extended six(6) additional times for 24 six(6)additional years in accordance with the renewal clause in the agreement. 25 Section 4.Severability.In the event any title,section,paragraph,item,sentence,clause,phrase,or word 26 of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or adjudication 27 shall not affect the remaining portions of the resolution which shall remain in full force and effect as if the 28 portion so declared or adjudged invalid or unconstitutional were not originally a part of the resolution. 29 Section 5.Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsistent with 30 the provisions of this resolution, are hereby repealed to the extent of such inconsistency. 31 PASSED: December 19,2017 32 AT II' . : APPROVE I : NI, ' 4 33 // 34 'IN121-100/r& J/1 _Air- ,-f----- 35 ,usa ?i, City Clerk ark Stodola, Mayor [Page 1 of 2] 1 APPROVED AS TO LEGAL FORM: 2 4 Thomas M. Carpenter, City Attorn 5 // 6 // 7 // 8 // 9 // 10 // 11 // 12 // 13 // 14 // 15 // 16 // 17 // 18 // 19 // 20 // 21 // 22 // 23 // 24 // 25 // 26 // 27 // 28 // 29 // 30 // 31 // 32 // 33 // [Page 2 of 2]