(A) The Clerk-Treasurer is directed to transfer from the various department budgets an amount equal to the maximum claim level plus administrative costs, or the amount that is actuarially sound at a two-year reserve level, as determined by the agent of record and the Insurance Review Committee of the town.
(B) Upon completion of such transfer, the Town Council further authorizes the payment of the current claims level plus administrative costs for the current plan year to be paid to the third party administrator from the special non-reverting fund established for purposes of administering the plan.
('86 Code, § 2-212) (Ord. 91-G-07, passed 10-14-91; Am. Ord. 2009-G-12, passed 10-5-09)