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to waive the limit, the premium would be adjusted to reflect the potential increased liability <br />assumed by the City. Effective January 1, 2003, the statutory tort liability limit is $1,000,000 per <br />occurrence, $300,000 per claimant. Claimants who have actual damages that exceed the per <br />claimant limit of $300,000 will not be compensated for damages beyond the $300,000 limit <br />unless the City Council chooses to waive' the statutory limits per claimant. With the waiver, <br />actual damages up to the $1,000,000 per occurrence could be paid. Because the potential amount <br />paid for claims increases if the Council chooses to waive the statutory limits, premiums are <br />somewhat higher if limits are waived. Upon advice of the City Attorney, the Council has <br />declined to waive the monetary limits in previous years. <br /> <br />Motion by Councilmember Zimmerman, seconded by Councilmember Elvig, to recommend that <br />the City Council not waive the monetary limits on municipal tort liability by Minnesota Statutes <br />466.06. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, COuncilmembers Zimmerman, Elvig, Cook, Kurak, <br />Pearson, and Strommen. Voting No: None. <br /> <br />COMMITTEE INPUT <br /> <br />None. <br /> <br />ADJOURNMENT <br /> <br />Motion by Councilmember Strommen, seconded by Councilmember Kurak, to .adjourn the <br />meeting. <br /> <br />Motion carried. <br /> <br />The regular meeting of the Finance Committee adjourned at 6:40 p.m. <br />Respectfully submitted, <br /> <br />Nanci Libor <br />Recording Secretary <br />TimeSaver Off Site Secretarial, Inc. <br /> <br />Diana Lund <br />Finance Officer <br /> <br />Finance Committee/January 14, 2003 <br /> Page 5 of 5 <br /> <br /> <br />