Board of Trustee Minutes 05/30/02013

A special meeting of the Board of Trustees of the Village of Delhi was held on Thursday, May 30, 2013 at 5:15 p.m. in the Village Hall Boardroom.

Present:           Mayor             Richard Maxey

Trustees          Gregory Krzyston, Jeremy Fitch, Dan Ayres

Also Present:   Chris Slonaker and Bill VanGorder from Mang Insurance & Owen McKane from the McKane group

The meeting started at 5:15 p.m.

Motion was made by Trustee Ayres to switch the village insurance coverage to the Mang Group (NYMIR) effective June 1, 2013, and to authorize the Mayor to sign the Subscriber’s Agreement.  Motion was seconded by Mayor Maxey and passed unanimously.

Motion was made by Trustee Ayres to pay the capitalization fee as outlined in the “Agreement to Satisfy Surplus Contribution/Capitalization Obligation”, and authorize the Mayor to sign the same.  Motion was seconded by Trustee Fitch and passed unanimously.  Agreement is as follows:

“Village of Delhi agrees to satisfy its total surplus contribution obligation at a minimum of 20% of the obligation for the first year and at a minimum of 20% per year over the next four (4) years thereafter.  In the event of withdrawal, the municipalities’ total surplus contribution obligation becomes immediately due and payable.  A subscriber’s initial premium and capitalization contribution will be adjusted whenever a material change in exposure (where the premium for the exposure generates additional capitalization greater than $2,500) is disclosed in a subsequent inspection and/or appraisal.

Village of Delhi is permitted to satisfy its total surplus obligation at any time earlier than the 5 year period outlined in this agreement.”

Motion was made by Trustee Fitch to adjourn.  Motion was seconded by Mayor Maxey and passed unanimously.

Meeting adjourned at 7:05 p.m.

 

Respectfully submitted,

Michele C. Griffin

Clerk-Treasuerer

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