HomeMy WebLinkAbout163 - 12/06/1988 - AUTHORIZING AGREEMENTS WITH AETNA CASUALTY AND SURETY COMPANY RELATING TO PURCHASE OF A SURETY BOND ORDINANCE NO. 163, 1988
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE DIRECTOR OF PURCHASING AND RISK MANAGEMENT TO
ENTER INTO AGREEMENTS WITH AETNA CASUALTY AND SURETY
COMPANY RELATING TO PURCHASE OF A SURETY BOND FOR
THE CITY'S SELF-INSURED WORKERS' COMPENSATION PROGRAM
WHEREAS, the City has reviewed the alternatives to the City's present
workers' compensation insurance program; and
WHEREAS, the City has determined that the best course of action is to
replace the current workers' compensation insurance program with a
self-insurance program that provides improved administrative services as
well as reduced cost to the City; and
WHEREAS, the State Department of Labor and Employment requires that
all self-insured organizations post a surety bond with the Department to
guarantee the payment of workers' compensation claims incurred by the City;
and
WHEREAS, the City desires that the surety bond be purchased from Aetna
Casualty and Surety Company, an insurance company authorized to do business
in the State of Colorado; and
WHEREAS, Aetna Casualty and Surety Company requires that the City sign
a General Contract of Indemnity prior to furnishing such a bond; and
WHEREAS, under Article V, Section 31 of the City Charter, no contract
for service for a longer period than two (2) years shall be made by the
City unless authorized by ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the Director of Purchasing and Risk Management be, and he
hereby is, authorized to enter into agreements with Aetna Casualty and
Surety Company to purchase a surety bond for the City's self-insured
workers' compensation program.
Introduced, considered favorably on first reading, and ordered
published this 15th day of November, A.D. 1988, and to b presented for
final passage on the 6th day of December, A.D.
Mayor
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Passed and adopted on final reading this 6th day of December, A.D.
1988.
Mayo
ATTEST:
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