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<br />26 <br /> <br />RESOLUTION 1988-115R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SAN MARCOS, TEXAS, APPROVING THE <br />TERMS AND CONDITIONS OF A LETTER OF <br />AGREEMENT BETWEEN SAID CITY AND BENEFIT <br />TRUST LIFE INSURANCE COMPANY, <br />AUTHORIZING THE MAYOR TO EXECUTE SAID <br />LETTER AGREEMENT ON BEHALF OF SAID CITY, <br />AUTHORIZING AND DIRECTING THE DIRECTOR OF <br />FINANCE TO PAY SAID COMPANY $7,153 .Ø6, <br />AND DECLARING AN EFFECTIVE DATE. <br /> <br />WHEREAS, the Ci ty of San Marcos, Texas, (Ci ty) did enter <br />into a contract wi th Benefi t Trust Life Insurance Company (BTL) <br />for employee group heal th and dental coverage effecti ve November <br />15, 1985; and, <br /> <br />WHEREAS, City, effective January 1, 1987, adopted a Benefit <br />Plan for its employees to be administered by Benefi t Trust Life <br />Insurance Company and agreed to cause to be maintained on deposit <br />in an account at University Savings Association, Eighty-four <br />Thousand Dollars ($84,00Ø.0Ø) as its pledge to be used as a <br />reserve fund to pay any claim runoff after termination of its <br />contract with BTL; and, <br /> <br />WHEREAS, in lieu of requiring that the amount of the pledge <br />be increased to $10l,9Ø2.0Ø during the recent bidding process for <br />Ci ty I S employee group heal th and dental insurance coverage, BTL <br />will accept the pledge of the existing Eighty-four Thousand <br />Dollars Certificate of Deposit plus accrued interest of Seven <br />Thousand One-hundred Fifty-three Dollars and 06/100 ($7,153.06) <br />for a total pledge of Ninety-one Thousand One Hundred Fifty-three <br />Dollars and 06/10Ø ($91,153.06); now, therefore, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br /> <br />PART 1. That the terms and conditions of a letter of <br />agreement between the City of San Marcos, Texas and Benefit Trust <br />Life Insurance Company, a copy of said Letter of Agreement being <br />attached hereto and incorporated herein, are hereby approved. <br /> <br />PART 2. That the Mayor, Kathy M. Morris, be and she is <br />hereby author i zed to execute said letter agreement on beha1 f of <br />said City. <br /> <br />PART 3. That the Director of Finance of said City, Donna M. <br />Farley is author i zed and directed to pay to Benefi t Trust Life <br />Insurance Company Seven Thousand, One Hundred Fifty-three Dollars <br />and 06/100 ($7,153.06) in accrued interest on the Certificate of <br />Deposi t pledged by said Ci ty to Benefi t Trust Life as reserve <br />funds. <br /> <br />PART 4. That this Resolution shall be <br />effect immediately from and after its passage. <br /> <br />in <br /> <br />full <br /> <br />force and <br /> <br />ADOPTED this the 24 <br /> <br />day of <br /> <br />October <br /> <br />, 1988. <br /> <br />~t1.~ ~:~ <br />r~E6' <br /> <br />?t:Att~st: . c/1) /l~ / <br />f 111¡¿/~ '¿;71Jn1N/7- <br /> <br />J nis K. Womack <br />City Secretary <br />