Manhattan Beach Municipal Code Ch. 8.32 Self Insurance Retention Fund

There is created and established a special fund to be known as the "Self Insurance Retention Fund." The City Council shall annually or more often as considered necessary appropriate and place within this fund such moneys as is considered prudent to cover protected losses and reserves for potential losses arising out of claims against the City for money damages. Any and all moneys appropriated to and placed in this fund shall be used only to pay losses within the self insurance program and for no other purpose.

(§ 1, Ord. 1536, eff. August 10, 1978)