HomeMy WebLinkAbout16036 1 RESOLUTION NO. 16,036
2
3 A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO ENTER
4 INTO A CONTRACT WITH TRAVELERS INSURANCE COMPANY, IN
5 THE AMOUNT OF ONE MILLION, SIX HUNDRED SEVEN THOUSAND,
6 THREE HUNDRED FOURTEEN DOLLARS ($1,607,314.00) FOR
7 PROPERTY AND CASUALTY INSURANCE FOR CITY BUILDINGS AND
8 STRUCTURES; AND FOR OTHER PURPOSES.
9
10 WHEREAS, it is necessary for the City to insure its various buildings and structures, valued at Six
11 Hundred Seventy-Eight Million,Eighty Thousand,One Hundred Twenty-Eight Dollars($678,080,128.00)
1 for damage from fire and other matters,and the Statement of Values includes property of the Arkansas Arts
1 Center and MEMS; and,
1 WHEREAS,the City's current Property Insurance coverage ends on June 30, 2023; and,
1 WHEREAS, the City's Property Insurance Broker has solicited bids for the Property Insurance and
1 the proposal from Travelers Insurance Company represents a competitive bid with favorable coverage
17 levels as those expiring June 30, 2022; and,
1 WHEREAS, Travelers' standard contract year begins July 1, 2023, through and including, June 30,
1' 2024;and,
21 WHEREAS, the City's Property Insurance estimated premium is One Million, Six Hundred Seven
2 Thousand,Three Hundred Fourteen Dollars($1,607,314.00).
2 NOW,THEREFORE,BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
2 OF LITTLE ROCK,ARKANSAS:
2, Section 1. The City Manager is authorized to enter into an agreement with Travelers Insurance
2• Company in the amount of is One Million, Six Hundred Seven Thousand,Three Hundred Fourteen Dollars
2+ ($1,607,314.00),to provide Property and Casualty Insurance for City Buildings and Structures for the term
2 July 1,2023,to June 30,2024.
28 Section 2. Funds for this agreement are available as a 2023/2024 Budget Line Item for Property
29 Insurance,Account No. 100000-10410.
30 Section 4. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or
31 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or
32 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and
33 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the
34 resolution.
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1 Section 5. Repealer. All laws, ordinances, resolutions, or parts of the same,that are inconsistent with
2 the provisions of this resolution, are hereby repealed to the extent of such inconsistency.
3 ADOPTED: June 20,2023
4 ATTES • APPROVED:
5 '441111
4,0 6
7 :usa�� City Clerk Frank Scott,Jr.,
8 AP'ROV TO LEGAL FORM:
9
]0 "v6 •
11 Thomas M. Carpenter, City Attor ey
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