Chapter 3.60
INSURANCE FUND
Sections:
3.60.010 Established – Purpose.
3.60.010 Established – Purpose.
There is hereby established and created a special revolving fund to be known as the “insurance fund” for the purpose of providing insurance services to all city departments. (Ord. 944 § 1, 2002; Ord. 708 § 1, 1995).
3.60.020 Contributions.
All departments will contribute annual premiums based on the number of employees, equipment and facilities to be insured. (Ord. 944 § 2, 2002; Ord. 708 § 2, 1995).
3.60.030 Interfund premiums.
Interfund premiums will be directed by the city council through an approved budget and will be treated as a quasi-external transaction (as defined in GAAP) rather than as a reimbursement. (Ord. 708 § 3, 1995).
3.60.040 Annual review.
The city council shall review the amounts accumulated annually to determine if contributions should be increased or decreased. (Ord. 708 § 4, 1995).