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BILL NO. 96-138
SPONSORED BY COUNCILMAN Nilges
M ORDINANCE NO
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI,AUTHORIZING INCREASING THE
SECURITY FOR THE CITY'S SELF-FUNDED WORKERS' COMPENSATION INSURANCE
PROGRAM AND AUTHORIZING A REVISED ESCROW ARRANGEMENT FOR SECURITY OF THE
PROGRAM.
WHEREAS, the Division of Workers'Compensation has promulgated and adopted a new
regulation increasing the minimum security requirement for all individual self-
insured entities from$125,000.00 to$200,000.00,effective November 1 1996;
and
WHEREAS, the City is a self-insured entity with a security agreement for less than the new
i minimum.
NOW THEREFORE BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON,
MISSOURI,AS FOLLOWS:
! I '
Section 1. The Mayor and City Clerk or other appropriate persons are hereby authorized and
directed to execute any and all documents necessary for meeting the security requirements of a self-
funded workers' compensation insurance program as now established or as may hereinafter be
adopted by statute or regulation.
Section 2. In lieu of a bond,the City shall post security through an escrow arrangement in the
` amount of$200,000,or such amount as may be required by the Division of Workers'Compensation.
The escrow agreement shall be substantially the same as that attached hereto as Exhibit B. The
funds used to provide for the escrow agreement shall be from the Workers'Compensation Insurance
fund.
Section 3. This Ordinance shall be in full force and effect from and after the date of its
�'. passage and approval.
Passed: °Z " 3 9 Approved: Y 9 7
Presiding Officer Mayor
ATTEST: APPROVED AS TO F �.
y Cle ity Coun`e or
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