Each year the Council shall appropriate such funds as may be necessary to other Risk Management Programs. Money appropriated to other Risk Management Programs may be expended:
(A) To settle, defend, and pay claims and judgments for on-the-job injuries to city employees as provided in the New Mexico Workmen's Compensation Act. All claims made pursuant to the New Mexico Workmen's Compensation Act shall comply with the requirements of that act with respect to notice or written notice of the occurrence giving rise to the claim and that Act's statute of limitations;
(B) To insure or self-insure all risks of loss of the city not insured or self-insured by the Tort Liability Claims Program. Insurance shall be purchased through one or more Agents of Record selected pursuant to Chapter 5, Article 5, Public Purchases;
(C) To pay any claims, judgments, costs and expenses incurred in carrying out the provisions of §§ 2-8-2-1 et seq. and the provisions of the Risk Management Manual;
(D) To create a retention or reserve fund and/or provide excess insurance coverage for unmatured risks and claims.
('74 Code, § 1-15-10) (Ord. 95-1983; Am. Ord. 66-1986)