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RESOLUTION NO. 2007- 11 \ <:2 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, ("CITY") RATIFYING A RELEASE BETWEEN THE CITY AND BROWN & BROWN, INC. ("BROWN") AUTHORIZING THE CITY TO RECEIVE PAYMENT IN THE AMOUNT OF $27,960.13 ATTACHED HERETO AS EXHIBIT "A"; AUTHORIZING THE CITY ATTORNEY AND THE CITY MANAGER TO DO ALL THINGS NECESSARY TO EFFECTUATE THE INTENT OF THIS RESOLUTION; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Florida Department of Financial Services ("Department"), the Florida Department of Legal Affairs, Office ("Attorney General") and the Office of Insurance Regulation ("OIR"), undertook a two year joint investigation of the insurance brokerage business in Florida as a result of reports of undisclosed compensation; and WHEREAS, the Department, the Attorney General and OIR alleged that Brown & Brown, Inc. ("Brown"), since at least 2000, has received undisclosed compensation in connection with the placement of insurance coverage on behalf of certain Florida policyholders, including the City of Sunny Isles Beach, Florida, ("City"); and WHEREAS, Brown denied any wrongdoing but desired to avoid the further expense and burden of a protracted investigation or litigation; and WHEREAS, the Department, the Attorney General, OIR and Brown collectively entered into a Settlement Agreement, whereby Brown agreed to pay $3 million directly to the Preferred Governmental Insurance Trust, $1,8 million for the benefit of other Florida governmental entity policyholders of Brown (including the City), and $1 million in attorney's fees and costs to the Department, the Attorney General and OIR; and WHEREAS, Brown further agreed to utilize certain compensation disclosure forms for all future insurance proposals; and WHEREAS, Brown's Florida governmental entity policyholders who cxecute a Release are entitled to receive payments under the Settlement Agreement; and WHEREAS, the Attorney General's Office has advised that the City is entitled to receive payment in the amount of$27,960.13 pursuant to the Settlement Agreement. NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: Section I. Ratification of Release. The City Commission hereby ratifies the Relcase between the City and Brown attached hereto as Exhibit "A".