2.95.120 Liability reserve fund.

(A)    The county shall maintain an account known as the liability reserve fund. Such account shall be funded and administered as follows:

(1)    Contributions by the various departments to the liability reserve fund shall be determined during the annual budgeting process. The amounts will be in accordance with a formula proposed by the risk manager and approved by the county administrator. Contributions to the fund will be made quarterly.

(2)    The accumulated reserves in the liability reserve fund should be maintained at an actuarially sound level.

(3)    The treasurer shall invest according to the established county policy, the principal sums appropriated to the liability reserve fund, and any interest earned thereon shall accrue to such fund.

(B)    The following classes of expenditures may be made from the liability reserve fund:

(1)    Amounts for payments for liability claims involving bodily injury, personal injury, and property damage;

(2)    Premiums for insurance as may be placed for the county at the direction of the board;

(3)    Costs and expenses related to the administration, prevention, investigation, adjustment and litigation of the program;

(4)    Amounts for payments arising out of the direct damage to all types of county property. (Sec. 12 of Ord. 1987-07-27; amended by Sec. 7 of Ord. 1991-11-30; amended by Sec. 9 of Ord. 2008-01-17; amended by Sec. 5 of Ord. 2012-05-31)