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Board authorizes up to $13.15 million bond to bridge insurer payout timing
Summary
The board approved a resolution to authorize a judgment bond not to exceed $13,145,023 to cover expected payouts after insurers paid about 70% of the total; officials cited a compressed schedule requiring action before the estoppel period elapsed.
The board moved to authorize the issuance of a judgment bond not to exceed $13,145,023 to cover insurer-related payouts, and the motion carried after vocal assent.
Unidentified Speaker 2 (role not specified) introduced the item, saying, "On pages C1 and C1a through d, the board will find a motion to authorize the issuance of a bond, judgment bond for an amount not to exceed $13,145,023." Explaining the timetable, Speaker 2 said, "In…
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