RESOLUTION 2003 - 166

A RESOLUTION AUTHORIZING APPROVAL OF INSURANCE COVERAGE WITH THE ILLINOIS MUNICIPAL LEAGUE RISK MANAGEMENT ASSOCIATION NOT TO EXCEED $221,673 FOR CALENDAR YEAR 2004.

WHEREAS, the Village Board of the Village of Vernon Hills finds it to be in the best interest of the municipality to make IMLRMA our carrier for insurance coverage, and

WHEREAS, annual contribution is $193,977 for $8,000,000 in coverage; and

WHEREAS, the Village Board has determined that it is in the best interest of the Village to extend our limits of liability an additional $9,000,000 for an annual cost of $31,720 and increase our extra expense coverage to $500,000 for $500 by an endorsement on our policy with the IMLRMA; and

WHEREAS, the Village will receive a 2% discount, decreasing the annual contribution from $226,197 to $221,673 if it is paid by November 14, 2003; and

NOW THEREFORE BE IT RESOLVED BY THE VILLAGE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF VERNON HILLS, LAKE COUNTY, ILLINOIS:

That the Village Manager is authorized to commit the Village to make payments to the IMLRMA not to exceed $226,673 and authorize the Finance Director to release the check prior to it appearing on the Board Invoice Approval List.

Dated the 4^th day of November, 2003

Adopted by roll call vote as follows:

AYES:

NAYS:

ABSENT AND NOT VOTING:

____________________________

Village President

PASSED:

APPROVED:

ATTEST:

_____________________

Village Clerk