HomeMy WebLinkAboutR-82-0786--N
RESOLUTION NO. 8 2 - 7 8
A RESOLUTION RATIFYING, CONFIRMING AND APPROVING
THE ACTION OF THE CITY MANAGER IN EXPENDING THE
SUM OF $12,000 TO OBTAIN CONTINGENT BUSINESS
INTERRUPTION INSURANCE FOR THE ORANGE BOWL STADIUM
TO PROTECT THE CITY FROM LOSS IN THE EVENT OF A
STRIKE BY THE NATIONAL FOOTBALL LEAGUE PLAYERS
ASSOCIATION.
WHEREAS, the possibility of a National Football League
Players Association strike could cause up to a $300,000 net
revenue loss for the Orange Bowl Stadium if Miami Dolphin
football games are cancelled; and
WHEREAS, the City Manager took action to obtain $300,000
of contingent business interruption insurance at a premium of
$12,000 on July 15, 1982, at a time when the price of such
insurance was still reasonable;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The action of the City Manager in expending
the sum of $12,000 to obtain contingent business interruption
insurance for the Orange Bowl Stadium to protect the City from
loss in the event of a strike by the National Football League
Players Association is hereby ratified, confirmed and approved.
PASSED AND ADOPTED this 9 day of SEPTEMBER
MAURICE A. FERRE
M A Y O R
ATTEST:
Q
ALPHApt. ONGIE
TY CLERK
PREPARED AND APPROVED BY:
ROBERT F. CLARK
DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
JTY
E R. GARCIA-PEDROSA
ATTORNEY
. 1982.
CITY COMMISSION
MEETING OF
S E P 9 1982
�oumorr r�.8 2 „' 7 8
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CITY OF MIAMI, FLORIDA J GY
so INTER -OFFICE MEMORANDUM
7O Howard V. Gary DATE August 24, 1982 VILE
City Manager
Resolution Approving Purchase
of Insurance against Player's
Strike
FROM Cesar Odlo 1 I U REFURENCES
Assistant City Manager
-� ENCLOSURLS Copy of Draft Legistlation
The Office of Stadiums recommends the
approval of a resolution to ratify,
approve and confirm the expenditure of
$12,000 to secure contingent business
interruption insurance for the Orange
Bowl Stadium to protect the City from
loss in the event of a strike by the
National Football League Players
Association.
The possibility of a strike by the National Football League players
could result in up to a $300,000 net revenue loss for the Orange
Bowl Stadium. On July 15, 1982 the City Manager approved the expen-
diture of $12,000 to secure contingent business interruption insur-
ance while the price was still reasonable. The attached legislation
will ratify, approve, and confirm the City Manager's action.
cc: Law Department
82-786