A.   Property: The city council may insure property of the city as authorized by law. Any money received as a result of destruction, damages, or loss of such insured property shall be accounted for and used as provided by law.
   B.   Negligent Operation Of Vehicle: The city council may purchase insurance to pay damage to persons sustaining injuries or damages to property as a result of negligent operation of vehicles, motorized equipment of the city, or any acts of the city as authorized by law. (1985 Code § 7-117)