 | RESOLUTION NO. 113 of 2025 DATED: April 22, 2025 |
RESOLUTION AUTHORIZING COUNTY EXECUTIVE TO SIGN CONTRACTS - FLOOD INSURANCE (LEGISLATURE)
| Seconded by: | Wilson |
WHEREAS, the County's flood insurance policy is about to expire and needs to be renewed; and
WHEREAS, it is the recommendation of the County’s Broker, Arthur J. Gallagher Risk Management, that the County enter into a contract for flood insurance for 6, 11 and 20 Park St., Fonda through Selective Flood at a cost not to exceed $47, 346 for a term from April 4, 2025 through April 3, 2026.
RESOLVED, that the County Executive, following the review and approval by the County Attorney, is hereby authorized and directed to sign a contract for flood insurance for Montgomery County through Selective Flood at a cost not to exceed $47, 346 for a term from April 4, 2025 through April 3, 2026; and
FURTHER RESOLVED, that the County Treasurer is authorized and directed to amend the 2025 Operating Budget as follows:
|
TRANSFER FROM: |
|
|
|
A599 |
Appropriated Fund Balance |
$60,000.00 |
|
|
|
|
|
TRANSFER TO: |
|
|
|
A30-4-1910-00.4480 |
Insurances |
$60,000.00 |
RESOLUTION VOTE, passed with Aye(8). Legislator Pawlik was absent. (4/22/2025)
Statement of Legislative and Financial Impact:
I. Nature of Request:
RESOLUTION AUTHORIZING COUNTY EXECUTIVE TO SIGN CONTRACT - FLOOD INSURANCE COVERAGE (COUNTY EXECUTIVE)
II. Justification:
The flood policies are about to expire.
III. Legislative Impact:
Authorized pursuant to Article 3 of the Montgomery County Charter.
IV. Financial Impact:
Requires a fund balance transfer.
| cc: | County Clerk County Treasurer |
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||