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RESOLUTION NO. 54-86 <br /> RESOLUTION EXPRESSING PRELIMINARY INTENT OF THE CORPORATE AUTHORITIES <br /> OF ELK GROVE VILLAGE TO SERVE AS THE HOST MUNICIPALITY FOR THE ISSU- <br /> ANCE OF A DEBT INSTRUMENT BY THE HIGH-LEVEL EXCESS LIABILITY POOL (HELP) <br /> WHEREAS, the Village of Elk Grove Village has taken a leading role in the <br /> organization and development of an inter-governmental self-insurance pool, <br /> in formation, which has been entitled, "High-level Excess Liability Pool <br /> (HELP) ; and <br /> WHEREAS, HELP is intended to be an inter-governmental entity which will <br /> provide joint excess self-insurance coverage for a number of selected munic- <br /> ipalities from the State of Illinois; and <br /> WHEREAS, the chairman of the HELP Study Committee is George Coney, Director <br /> of Finance of Elk Grove Village; and the other members of the study group are: <br /> The Villages of Hanover Park, Hoffman Estates, Glenview, Arlington Heights, <br /> Skokie, Streamwood, Winnetka, and Schaumburg; and the Cities of Des Plaines and <br /> Park Ridge; and <br /> WHEREAS, the study committee has met on numerous occasions and has tentatively <br /> determined that the most effective way of creating an excess liability pool is to <br /> cause the issuance of a debt obligation which will produce sufficient funds to <br /> provide a substantial level of excess liability coverage for the members of the <br /> pool; and <br /> WHEREAS, a debt obligation cannot be issued by the pool itself, but only by <br /> one of the municipal bodies which is a member of the pool; and <br /> WHEREAS, the members of the study committee have requested that Elk Grove <br /> Village consider serving as the host municipality for the issuance of such <br /> a debt instrument in the nature of a revenue bond, general obligation bond, or <br /> a letter-of-credit guarantee; and <br /> WHEREAS, if the funds from a debt instrument were procured such monies would <br /> be available to all of the members of the self-insurance pool, including Elk <br /> Grove Village, to draw upon in a situation where the community sustained a <br /> large-scale loss; and <br /> WHEREAS, the study committee of HELP is currently considering the creation <br /> of a pool of approximately 15 million dollars ($15,000,000) which would <br /> provide coverage for the members for individual claims in excess of 1 million <br /> dollars ($1,000,000) ; and <br />