Chapter 3.80
INSURANCE CLAIMS
AND RESERVE FUND

Sections:

3.80.010    Fund created.

3.80.020    Purposes – Expenditures.

3.80.030    Unexpended funds.

3.80.010 Fund created.

A special fund to be known as the “insurance claims and reserve fund” is established for the purpose of consolidating all insurance premiums, claims and reserves into a single fund. (Ord. 1479 § 1 (part), 1989).

3.80.020 Purposes – Expenditures.

Expenditures from the fund shall be made only for city-wide insurance premiums, brokerage fees and insurance related claims and expenses. (Ord. 1479 § 1 (part), 1989).

3.80.030 Unexpended funds.

Any unexpended funds remaining in the insurance claims and reserve fund at the end of any budget year shall not be transferred to the general fund or otherwise lapse, rather said unexpended funds shall be carried forward from year to year until expended for the purposes set forth in Section 3.80.020, unless otherwise directed by ordinance of the City Council.

All initial deposits into the insurance claims and reserve fund shall be made by transferring insurance moneys from the general fund, water/sewer fund, street fund, storm water management and the equipment rental fund. (Ord. 1479 § 1 (part), 1989).