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RESOLUTION 2016-112 <br />RESOLUTION AUTHORIZING INITIALIZATION OF A NEW LEGAL RESERVE <br />FUND <br />WHEREAS, the insurance deductible for the City of Lake Elmo has been <br />increased to $200,000; <br />WHEREAS, the increased deductible is fora time uncertain; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF LAKE ELMO, MINNESOTA, THAT: <br />1. The City of Lake Elmo will set up a new Legal Reserve Fund of $200,000 <br />effective December 31, 2016. <br />1 The Legal Reserve Fund will be reviewed in November of each year in order <br />to determine whether the funds need to be replenished, and if so to what <br />balance, or discontinued and transfer the funds back to the General Fund <br />Reserve for the following year. <br />3. The Finance Committee will review and make a recommendation to the City <br />Council each year. <br />ADOPTED BY THE LAKE ELMO CITY COUNCIL ON THE 20th DAY OF <br />DECEMBER, I. <br />. ..... .. <br />Pearson <br />Mayor <br />Resolution 2016-112 1 <br />