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Session 1106, I~iinutes June 23, 1975 Page 7 BID PROPOSALS FOR SUPPLYING INSUFJ~ICE: City ~nager Henry informed the Council that the I~rkmen's Compensation, auto liability and general liability insurance coverage for the City was ex- piring June 30, 1975. ~lr. V. A. 5llman, Director of Finance, was invited to explain. He said bids had been solicited from thirteen carriers, but only two had submitted proposals. These had been reviewed by the l,~yatt Company consultant and a recommendation had been received that an award should be made to the Home Insurance Company for a three year retrospective Plan D. contract° In addition, bids had been requested for umbrella coverage which means that excess coverage applies over the primary coverage. The consultant strongly recommended that this umbrella coverage be obtained by the City. ~o proposals had also been received and it was the recommendation of the consultant that the Ranger Insurance Co. receive an award. Considerable discussion ensued in which I[r. Ellman explained various features of the insurance coverage program, and answered questions. Councilman Werner moved approval of the insurance contracts as outlined in the recommendation for the Home Insurance Company and the F~nger Insurance Company° I~tion was seconded by Councilman Adams and unanimously carried° BIDS - STREET 15%RKING PAINT: The I~yor returned to consideration of agenda item No. 7, in re bids for street making paint. I~. V. A. Ellman, Director of Finance, explained that the extension of the figures is incorrect as it appears in the agenda item, but the grand total is correct. It was moved by Councilman Grimm, seconded by Cotmcilman Glickert and unani- mously carried that contract be awarded to Brod-Dugan in the total amount. of $2,725.00. BUDGETARY TRAI~SFERS: City ~nager Henry stated that recent developments require certain final budgetary transfers in the 1974-1975 fiscal year~ and he reviewed briefly the items set forth in agenda No. 13. There was some discussion mud he answered questions. Councilman Glickert moved that the list of budgetary transfers be approved. ~iotion was seconded by Councilman Grimm and unanimously carried. A copy of the list is attached hereto and made a part of these l{inutes. RECESS~ ~yor Kaufman called for a brief recess (time 9:35 P.[!.) and at 9:50 P.~. the Council reconvened. ADOPTION OF TIlE 1975-76 BUDGET: The City ~nager stated that in accordance with Charter requirements, the 1975-76 budget proposals must be either accepted or revised, and adopted no later than June 26, 1975. tie pointed out that various supplemental memoranda had been submitted to the City Council, specifically those dated June 13, 1975 and June 20, 1975. Referring to these memos, the City Manager, together with ~. V. A. Ellman, Director of Finance, explained some changes that will be required. The City ~nager pointed out that with regard to the Library, that is, whether