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A. There is established a nonreverting fund dedicated to implementing a self-insurance plan for the city through the payment of noninsurance claims and/or judgments rendered against the city.
B. Moneys in said fund shall not revert to the general fund of the city at the end of each fiscal year and said nonreverting fund shall be funded by moneys appropriated from the general fund.
C. Any and all claims for payment against said nonreverting fund shall be processed by and according to the laws of the state of Indiana and approved by the board of public works and safety. (Prior code § 7-73)