Vallejo Municipal Code Ch. 3.56 Workers' Compensation and Liability Reserve Fund

There is created, pursuant to Section 713 of the Charter of the city, a special fund to be known and referred to as the "workers' compensation and liability reserve fund," to be used to administer the city's program of insurance for workers' compensation and general liability.

(Ord. 320 N.C.(2d) § 1(part), 1976.)

The fund shall be used to accumulate the reserve moneys required to fund all open claims against the city for workers' compensation benefits and general liability claims and judgments, as well as a contingency fund for each in an amount considered prudent by the city manager and the finance director, and to accumulate moneys to fund programs for employees, where the intent of such programs is to reduce the likelihood of work-related injuries.

(Ord. 790 N.C.(2d) § 1(part), 1984: Ord. 320 N.C.(2d) § 1 (part), 1976.)

There shall be deposited to the fund all moneys appropriated to it by the council and all other moneys accruing thereto, and disbursements shall be made only for costs applicable to workers' compensation and general liability costs, benefits and programs, all in accordance with established city policy, agreements, and lawful obligations.

(Ord. 790 N.C.(2d) § 1 (part), 1984: Ord. 320 N.C.(2d) § 1(part), 1976.)

All investment income earned through the investment of unexpended money in the fund shall be deposited therein.

(Ord. 320 N.C.(2d) § 1 (part), 1976.)