2008-067 Payment of Serma LiabilityRESOLUTION 2008-67
• A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH
PALM BEACH, FLORIDA, AUTHORIZING A SUPPLEMENTARY DEFICIT
ASSESSMENT PAYMENT TO THE SOUTH EAST RISK MANAGEMENT
ASSOCIATION ("SERMA") FOR THE FISCAL YEAR ENDING
SEPTEMBER 30, 2007; AND PROVIDING FOR AN EFFECTNE DATE.
WHEREAS, the Village participated in the South East Risk Management Association
("SERMA") from its inception in 1994 through September 30, 2006; and
WHEREAS, the intent of SERMA was to create an entity to administer a risk management pool
and utilize such funds to defend and protect any member of SERMA against liability for a
covered loss; and
WHEREAS, notwithstanding the Village's termination of its membership in SERMA, the Village
is still required to fund any deficit in SERMA's reserves to cover incurred losses until all claims
and other expenses are finalized for the entire period during which it participated as a member.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE
OF NORTH PALM BEACH, FLORIDA, as follows:
• Section 1. The foregoing recitals aze hereby adopted and incorporated herein.
Section 2. The Village Council hereby approves a supplementary deficit payment to
SERMA in the amount of $174,821, with funds to be expended from Account No. A5509-34560
(Insurance -Package).
Section 3. This Resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED THIS 25th DAY OF SEPTEMBER. 2008.
(Village Seal)''., _~:' ~~ ~~~ '~
MAYOR
ATTEST:
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VILLAGE CLERK
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