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Council authorizes transfer to secure streetcar insurance through public trust
Summary
Council approved a joint resolution authorizing the Municipal Facilities Authority to acquire streetcar insurance and a transfer of $2,237,302 from the risk management fund to an OCMFA insurance administration fund to cover coverage retroactive to July 1, 2025.
The council approved a joint resolution with the Oklahoma City Municipal Facilities Authority authorizing purchase of insurance coverage for the streetcar and authorizing a fund transfer of $2,237,302 from the risk-management internal-service fund to the OCMFA property and casualty insurance administration fund. The resolution noted coverage would be retroactive to July 1, 2025, through June 2026. Staff said insurance is necessary for operations of transportation services and moved the purchase and administration steps forward. A resident who signed up to speak on the consent docket, Michael Washington, addressed the council during the consent-item discussion but did not object to the insurance expenditure. The council voted to approve the resolution and related transfers and to authorize signing documents necessary to bind the policy.
