HomeMy WebLinkAbout1986-115-07/01/1986-AUTHORIZING A CHANGE IN THE INSURANCE OF THE AIRPORT AUTHORITY RESOLUTION 86-115
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING A CHANGE IN THE INSURANCE OF THE
AIRPORT AUTHORITY
WHEREAS, the Fort Collins-Loveland Airport Authority leases from the
Cities of Fort Collins and Loveland property in Larimer County known as the
Fort Collins-Loveland Airport; and
WHEREAS, the Fort Collins-Loveland Airport Authority is required to
maintain Five Million Dollars ($5,000,000.) in premises liability coverage
on the Airport property as a condition of its lease of the property from
the Cities; and
WHEREAS, the Fort Collins-Loveland Airport Authority has requested of
the Cities of Fort Collins and Loveland a reduction in the insurance
requirements to One Million Dollars ($1,000,000.); and
WHEREAS, One Million Dollars ($1,000,000.) of insurance is available
to the Airport Authority at a premium of approximately Two Thousand Six
Hundred Dollars ($2,600.) and the reduction in requirements would achieve a
cost savings of over Four Thousand Dollars ($4,000.) .
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the Fort Collins-Loveland Airport Authority is authorized to
reduce its premises liability insurance coverage from Five Million Dollars
($5,000,000. ) to One Million Dollars ($1,000,000.) and that the City
Manager is authorized to enter into agreements with the Airport Authority
and the City of Loveland to accomplish the same.
Passed and adopted at a regular meeting of the Council of the City of
Fort Collins held this 1st day of July, A.D. 1986.
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ATTEST:
City ClA