HomeMy WebLinkAboutOrdinance Book 18, Page 587, No Resolution NumberA RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO
AN AUTHORIZATION AND RELEASE WITH THE HOME INSURANCE COMPANY IN
SETTLEMENT, SATISFACTION AND DISCHARGE OF ALL LOSSES SUSTAINED TO
THE MARKET HOUSE BUILDING
WHEREAS, on March 2, 1974 a fire of undetermined origin resulted in the
partial destruction of the property belonging to the City of Paducah and known as the
Market House, and
WHEREAS, the aforesaid loss was covered by fire insurance obtained by the
City of Paducah, Rentucky, with the Home Insurance Company under Policy No.
IST -816-26-84, and
WHEREAS, the Home Insurance Company has , under the terms of the above
policy, authorized contractors in the City of Paducah to restore the building for the
amount of $189,261.01, and
WHEREAS, it has been determined that the aforesaid terms, conditions and
amounts are satisfactory to the City of Paducah.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the City Manager be, and he is hereby, authorized to
enter into an authorization and release to the Home Insurance Company in settlement,
satisfaction and discharge of all the City's claims in regard to the Market House Building
and with the understanding that the aforesaid building will, for the amount above stated,
be restored to its original condition by competent contractors selected and employed by
the Home Insurance Company.
SECTION 2. This resolution is retroactive to May 8, 1974, and shall be in
full force and effect from and after its adoption.
Mayor
Passed by the Board of Commissioners May 21, 1974
Recorded by Sarah Thurman, City Clerk, May 21, 1974.