Chapter 4.14 — SPECIAL INSURANCE FUND

Note: Prior ordinance history: Ords. 1093, 1098 and 1161.

The special insurance fund is established and shall be maintained for the deposit of all new moneys budgeted for payment of workers' compensation insurance premiums and claims, liability insurance premiums and claims, and all other insurance premiums and claims. It shall also be the depository for moneys recovered from third parties for reimbursement of losses and other similar recovery of funds. Payments therefrom shall also be made for other expenditures related to said programs.

The fund shall be established and amounts accumulated therein so as to maintain sufficient reserves for known and anticipated future losses consistent with accepted accounting practices. The amount and sufficiency of reserves shall be reviewed annually. All earnings from investments of the fund and all state mandated benefit costs recovered shall accrue to the fund. (Ord. 1322 § 1, (1986))