There is created and established within the Treasury of the City of Los Angeles a special fund to be known as the Insurance and Bond Special Fund (Fund) for the receipt and disbursement of funds to pay for the premiums for all of the insurance coverage purchased by the City and the actuarial, consulting and broker services relative to the City's insurance program. A portion of the Fund shall also be allocated for disbursement of funds to pay sureties for contractor bond defaults under the Bond Assistance Program Los Angeles. The Fund shall be administered by the City Administrative Officer. Interest earned on the Fund shall be credited to the Fund. At the end of the fiscal year, any surplus funds remaining in the Fund, over and above the amount allocated for the Bond Assistance Program Los Angeles, shall be credited to the Reserve Fund.
SECTION HISTORY
Article and Section Added by Ord. No. 175,309, Eff. 8-4-03.
Amended by: Title and Section, Ord. No. 177,249, Eff. 2-18-06; Ord. No. 177,471, Eff. 5-28-06.