Chapter 3.80
CUMULATIVE RESERVE FUND
FOR SELF-INSURANCE

Sections:

3.80.010    Established.

3.80.020    Source of monies.

3.80.030    Accumulation and use of monies.

3.80.040    Interest earnings.

3.80.010 Established.

There is created and established pursuant to RCW 35.21.070 et seq., a cumulative reserve fund to be known as the “cumulative reserve fund for self-insurance.” (Ord. 1177 § 1, 1981)

3.80.020 Source of monies.

Into said fund there shall be placed such monies as appropriated or budgeted from time-to-time in amounts sufficient to pay estimated uninsured losses based on claims against the city. The fund shall pay such amounts as required for the payment of uninsured losses and any professional risk management services as contracted. (Ord. 1177 § 2, 1981)

3.80.030 Accumulation and use of monies.

The monies in the fund may be allowed to accumulate from year-to-year until the city council shall determine to expend the monies in the fund for the purposes specified in this chapter; provided, that any money in the fund shall never be expended for any other purpose than that specified without an approving vote by a majority of the electors of the city at a general or special election voting on a proposal submitted to the electors to allow other specified uses to be made of the fund. (Ord. 1177 § 3, 1981)

3.80.040 Interest earnings.

The interest earnings from the cumulative fund shall be paid into the fund. (Ord. 1177 § 4, 1981)