CCP 03-09-1987 - Laserfiche WebLink

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. Minutes of Regular Finance Committee Heeting . Page 3 Rite added that the Village has in the past carried a $3,000,000 umbrella policy. The most we can get now is $1,000.000. The total coverage under the regular policy is $600,000; thus actual total coverage is $1,600.000. The LCMIT is operated as a cooperative; if the trust shows a profit, these profits will be returned to the cities participating. It was moved by Rautio, seconded by McNiesh, that Committee recommend to . Council the alternate proposal ($5,000 deductible) for 1987 insurance coverage. [1\ .'] otion carried unanimously. ,~ YiV;P"~''-' - ---.. otion was made by Shah, seconded by McNiesh, that we not delete any items already insured, for the 1987 year. Motion carried unanimously. - Councilman Peck asked that Buckley and Raddatz prepare'a breakout of the Inland Marine list, so the difference in premium by eliminating those under $500 could be determined, for the March 9 meeting. Committee discussed possible liabilities under the contractual agreements with Fire and Police; questioned if we do have some exposure if they have a claim which is above their coverage. Committee also asked liability if we go into a joint venture with Shoreview on the fourth station. Rite stated coverage would probably be provided by the City in which the station is located, with the cost divided between the two cities. . Rite did feel that probably the policies of these departments should be sent to him for review. Street Li~htin~ Proposal Malone reviewed with the committee the Public Safety/Works Committee and Planning Commission recommendations for a City-wide street lighting program. The Public Safety/Works Committee recommended adoption of a street lighting ,plan to install street lights at main intersections and secondary intersections (131 lights) over a period of five years (approximately 25 per year). The Planning Commission recommended to Council adoption of a street lighting plan with installation of all fifty lights at major intersections as soon as financially feasible, with lights at secondary intersections installed only by neighborhood initiative. r~', ~. ~er extensive review of the proposed program and the recommendations of these ",' (.)1 \ committees, it was moved by McNiesh, seconded by Shah, that Committee recommend t.!", to Council that funds for installation and operation of the streetlights recommended in Phase I of this plan (50 lights) be included in the proposed ~88 bu~~et, at a cost of approximately $6,350.00. Motion carried unanimously. ._....~_.._"_.- Committee commended Malone and the Public Safety/Works Committee on the plan. Utility Rates . In order to implement the recommended new rates by the third quarter of 1987. it was determined that this subcommittee should begin its work by the middle of March. McNiesh volunteered to gather the data together needed.