A cumulative, non-reverting Health Care Insurance Reserve Fund is established and all money placed in the Fund shall be held and applied solely for the administration of the health care insurance needs of the employees and retirees of the city. More specifically, the monies in the fund shall be used for the following purposes only:
(A) Payment, in part or in full, of the amount of health care insurance premiums which are the obligation of the city for its employees and retirees.
(B) Paying or receiving funds to satisfy the terms of a retention agreement, if and when such an agreement is ever signed, between the city and a health and hospitalization insurance carrier, said agreement referred to as Plus or Minus Cumulative Fund Balance.
(C) To retain insurance premiums to be disbursed and to disburse premiums from said retentions as same are due and payable.
(D) To receive budgeted funds for the purpose of distribution of same to the health and hospitalization insurance carrier.
(E) Receiving money from any source for the purpose of paying health care and hospitalization insurance premiums or health care costs for city employees and retirees in satisfaction of the obligations of the city.
(Ord. 2793, passed 3-19-90)