This subchapter shall provide for the establishment of a separate fund within the General Fund classification of the city. There shall be accumulated in the Reserve Fund an amount not to exceed the sum of $1,000,000, provided that the Mayor and City Council may, from time to time, by resolution, vote to increase or decrease the Reserve Fund balance requirement. The city shall provide for an initial funding contribution of $250,000 until the fund reaches a level of $1,000,000. The accumulation shall be retained in the Reserve Fund from year to year as a permanent insurance fund to be used for the payment on behalf of the city and its officials of all sums which the city and its officials shall become legally obligated to pay as damages because of personal injury, property damage or contract actions arising from those causes of action defined in § 38.06. The term
CITY as used herein shall include all elected and appointed officials and all departments of the city.
(Ord. 690, passed 7-2-90)