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HomeMy WebLinkAbout16741 1 RESOLUTION NO. 16,741 2 3 A RESOLUTION TO AUTHORIZE THE CITY MANAGER TO ENTER 4 INTO A CONTRACT WITH TRAVELERS INSURANCE COMPANY, IN 5 THE AMOUNT OF TWO MILLION, THREE HUNDRED FORTY-FOUR 6 THOUSAND, ONE HUNDRED THIRTY-SIX DOLLARS ($2,344,136.00), 7 FOR THE RENEWAL OF THE CITY'S PROPERTY INSURANCE 8 COVERAGE FOR CITY BUILDINGS AND STRUCTURES, FOR THE 9 TERM OF JULY 1, 2025, TO JUNE 30, 2026; AND, FOR OTHER 10 PURPOSES. 11 12 WHEREAS,it is necessary for the City of Little Rock(the"City")to insure its buildings and structures, 13 valued at Seven Hundred Sixty-Three Million, Fifty-Eight Thousand, Nine Hundred and Eighty-Five 14 Dollars ($763,058,985.00), which includes the building and contents of the Museum of Fine Art and the 15 Metropolitan Emergency Medical Services;and, 16 WHEREAS, the City's current contract for property insurance coverage with Travelers Insurance 17 Company with a yearly premium of Two Million,One Hundred Fifty-Six Thousand,Five Hundred Eighty- 18 Two Dollars($2,156,582.00),expires on June 30,2025; and, 19 WHEREAS, the City's property insurance broker solicited bids from the market and City's current 20 carrier, Travelers Insurance Company, was the only carrier who bid to provide property coverage to the 21 City;and, 22 WHEREAS, should the City acquire additional property during the policy year,which would require 23 an additional premium, an amendment to this resolution shall only be required should the value of the 24 property acquired exceed ten(10)percent of the City's Statement of Value;and, 25 WHEREAS, the City's estimated property insurance premium for renewed coverage with Travelers 26 Insurance Company would be Two Million,Three Hundred Forty-Four Thousand,One Hundred Thirty-Six 27 Dollars($2,344,136.00),for the term of July 1,2025,through and including June 30,2026. 28 NOW,THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY 29 OF LITTLE ROCK,ARKANSAS; 30 Section 1.The City Manager is authorized to enter into a contract with Travelers Insurance Company, 31 Two Million, Three Hundred Forty-Four Thousand, One Hundred Thirty-Six Dollars ($2,344,136.00), to 32 provide property insurance coverage for the City's buildings and structures, for the term of July 1, 2025, 33 through and including June 30,2026. [Page 1 of 2] 1 Section 2. Funds for renewal of the City's property insurance coverage budgeted in the 2025-2026 2 budget line items for property insurance,Account No. 100000-10410. 3 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or 4 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or 5 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and 6 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the 7 resolution. 8 Section 4.Repealer. All laws, ordinances, resolutions, or parts of the same,that are inconsistent with 9 the provisions of this resolution,are hereby repealed to the extent of such inconsistency. 10 ADOPTED: June 17,2025 11 ATTEST: APPROVED: 12 13 ' 14 15 Allison Segars,City fit Frank Scott,Jr., 16 APPROVED AS TO LEGAL FORM: 17 4( 18 � '�' W 19 Thomas M.Carpenter,City Att ney 20 // 21 // 22 // 23 // 24 // 25 // 26 // 27 // 28 // 29 // 30 // 31 // 32 // 33 // 34 // 35 // [Page 2 of 2]