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Board authorizes insurance package with negotiated $25 monthly fee
Summary
The board authorized the town to sign an insurance package; members said they negotiated a $25 monthly fee that will be offset by interest earned in the associated account.
The Town of Alexandria board authorized staff to sign an insurance package after discussion of terms and fees. Chair asked for a motion to permit signing; a motion by Tim, seconded by Jean, passed by voice vote authorizing the action.
Board members noted they had negotiated the package and expect the new account arrangement to draw interest that would offset a $25 monthly fee. "We have to redo that. I know we already did it, but we said there would be no fee. We've negotiated a deal with them that we're happy with for a $25 on month fee because it's going to be in an account," the Chair said while explaining the arrangement.
Staff will proceed with signing authority as approved and will provide any contract documentation to the board for the record.
