A. Trustees. The trust shall be administered by five joint trustees who shall serve in an advisory capacity at the sole pleasure of the board. The board shall appoint five trustees, of whom no more than one may be a member of the board and no more than one may be an employee of the county. A majority of the trustees shall constitute a quorum for the purpose of conducting business.
B. Duties. The trustees shall meet at least once a year and shall make recommendations thereafter to the board, through the county manager, regarding the investment and administration of the trust. The trustees shall submit an annual report to the board through the county manager relating to the status of the trust fund and making other recommendations that the trustees deem necessary and appropriate. The risk manager shall coordinate the activities of the trustees and assist in the facilitation and administration of the trust fund in whatever manner is appropriate and necessary.
C. Bonding Requirements. The trustees shall be bonded in the same manner and procedure as for county employees.
D. Stop Loss Provision. Pursuant to the self insurance provisions of the county risk management program, only a certain portion of risk exposure will be self-imposed. Levels of self-insured retention for each particular type of a risk shall be recommended by staff and established and approved by the board.
E. Annual Audit. An annual audit shall be performed by an external auditor and a copy of the report shall be kept on file in the office of the clerk of the board of supervisors for a period of not less than five years. The risk manager shall coordinate this audit.
F. Expenditures from Trust Fund. There shall be no expenditures from the trust fund for any purpose not specified in Title Il, Chapter 7, Article 5, of the Arizona Revised Statutes.
(Prior code § 33.04.030(D))