(A) There is created a Claims Reserve Fund, a self-balancing group of accounts to account for the transactions and financial condition of a self-insurance program.
(B) As determined by resolution of City Council, this fund may be in the form of individual self-insurance; pooled on a local, regional, or state basis as may be authorized by law or interlocal agreement; or placed with a service provider.
(C) The objectives, authority, and responsibility of officials, procedures and records, policy on insurance coverages, and investment and appointment of legal counsel will also be determined by resolution of the City Council.
(D) Payments into the Fund shall be budgeted annually. Potential losses shall be recognized and payment of claims shall be authorized by the City Council. Financial reports shall be prepared at least quarterly by the City Clerk-Treasurer, and the Fund audited at year-end.
(Ord. 85-11-4, passed 12-11-85)