212725ORIGINAL TO CITY CLERK 21 2725
CITY OF ST. PAUL OOENCIL NO. F
OFFICE OF THE CITY CLERK _
LIC O U CIL SOLUTION — GENERAL FORM File No. 212725 —By severity
t,.
f eas ,The Minnesota Mutual Life
PRESENTED BY a DATE nce Company has indicated Life
COMMISSIONER "ity /of saint Paul pertinent to V.
Employe Pay Dependents' Grg
Insuranc e, Policy No. 365.? ^;
'1 sail camp'ny, !hit T: n.s r�.ry,
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WHEREAS, the Minnesota Mutual Life Insurance
Company has indicated to the City of Saint Paul pertinent to
theiCity Employe Pay Dependents' Group Life Insurance,Policy
No. 365379 -G, with said company, that the experience under
the aforesaid employe pay group life coverage has resulted
in a dividend account balance in the amount of $6,899.00; and
WHEREAS, the aforesaid information was presented to
the Health and Welfare and Insurance Committee at its meeting
of May 8, 1963, and the committee, by motion unanimously adopted,
recommends to the City Council that said Council authorize by
resolution that the aforesaid dividend be left on deposit with
Minnesota Mutual Life Insurance Company to draw interest at the
rate of 3.8% during the current policy year March 1, 1963, through
February 29, 1964, the considered judgment of the Insurance Committee
being that since the said coverage has been in force for only one
year, the aforesaid dividend should be held intact so as to assist
toward rate stabilization in the event that future experience under
the policy should become unsatisfactory; now, threfore, be it
RESOLVED, That the Council of the City of Saint Paul
hereby authorizes and directs the Minnesota Mutual Life Insurance
Company to retain on deposit with said company the dividend earned
under the city employes pay dependents' group life coverage, in
the amount of $6,899.00, said amount to draw interest at the rate
df 3.8% during the current policy year March 1, 1963, through
February 29, 1964; bd it
FURTHER RESOLVED, That the City Clerk is hereby directed
to mail to Minnesota Mutual Life Insurance Company a copy of this
resolution.
COUNCILMEN
Yeas Nays
Dalglish
Holland A_
�L In Favor
Mortinson JJ��
Peterson V
Rosen _�Against
Mr. President, Vavoulis
10M 6-62
MAY 14 196,3
Adopted by the Council 19—
MAY 14 1963
+ i — lay 14, 1963
Minnesota Xutual Life Insurance Co.
345 Cedar Street'
-St.. Paul, Minrieswta =
Gentlemen s
The City Council - directed me to send you losed copy of Council
s- File No. 212725P adopted today y Company to retain on
deposit the dividend eerneci un . the c. emp a pay dependents'.
group life coverage, as Wore filly descr-i in resolution.
a _ very truly yours,
�� -
- City Clerk
f -
212725
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(f#p.Loyca•Payc Qyoandvai ' gAosp L.i je
Swu4ance - PoLi.cy: LYeait AaAA 1, 1962,
A"' uph 3a6RwAy 28, 1963 .
Me /Lmw.ao& Mutual aja SrwuA&nce Coapany< lu adv c.ded
JA&t At dividend ea wed undeA Ae above eov"e
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gol-io w J
Psi tau
9 deaA a4. -W4 paid
1 cicc.idsnate.L death claim paid
1 canveAAian CA&Ve
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L?,iv idend av"&l e
59,000.00
1,000.00
6o.00
526, 512.00
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5 6, 899.00
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