1988-04 Accepting Insurance Settlement of $1,781,587 for Port Lions School Fire.ATTEST:
By L . Q . . CMC 10(4,
Borougft ark
KODIAK ISLAND BOROUGH
RESOLUTION NO. 88 -01 -R
A RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY ACCEPTING THE
INSURANCE SETTLEMENT OF 81,781,587 FOR THE PORT LIONS SCHOOL FIRE.
WHEREAS. the high school facility owned by the Kodiak Island Borough
and located in the City of Port Lions was destroyed by fire on November 12,
1987; and
WHEREAS. the Borough Insurance Agent, Sweeney Insurance and CIGNA
Property and Casualty Companies, responded very quickly and efficiently to the
loss; and
WHEREAS, a total settlement of 81,781,587 has been negotiated to pay
for debris removal, reconstruction and the contents of the building; and
WHEREAS, the basis for the settlements was the cost estimates
developed by the independent cost estimator contracted by the Kodiak Island
Borough Assembly.
NOW. THEREFORE, BE IT RESOLVED by the Kodiak Island Borough Assembly
1 that the CIGNA settlement of 81,781,587 is accepted as a fair and reasonable
settlement for the lire loss of the Port Lions school and will be used to
rebuild the school in Port Lions.
PASSED AND APPROVED this 7 day of January
KODIAK ISLAND BOROUGH
By
By
1
Pring Officer
1989.