(a) The Finance Director is hereby authorized to establish an Insurance Claims Fund for the purpose of resolving any current or future claims that may occur as a result of incidents happening prior to the date the City entered into an insurance agreement with Wichert Insurance Company for the provision of insurance coverage for the City.
(b) The Finance Director is hereby authorized to transfer two hundred fifty thousand dollars ($250,000) from the Self Insurance Fund into the Insurance Claims Fund.
(c) The funds needed for the transfer authorized in subsection (b) hereof shall be paid from funds appropriated for said purpose.
(Ord. 8501-1998. Passed 11-17-98.)