(A) There is hereby established an Uninsured Claims and Judgments Trust Fund for the purpose of providing a funded reserve to pay uninsured claims and judgments sought or entered against the town, town officers and employees. All claims, judgments and expenses related thereto shall be paid from this Fund only in accordance with procedures and uniform standards established by the Town Council. This Fund is established as a trust and agency fund in accordance with G.S. § 159-13(a)(3) and may receive contributions from other funds of the town pursuant to appropriations set by Town Council.
(B) Funds in the amount of $40,000 are hereby appropriated to a new General Fund non-departmental account, Contribution to Civil Claims and Judgments Trust Fund, from the following sources:
Transfer From | Amount |
Unappropriated General Fund Balance | $40,000 |
(C) The Finance Officer is hereby authorized to transfer these funds to the Civil Claims and Judgments Trust Fund.
(1989 Code, Title VI, Ch. 77)