(A) Creation of Fund. The town hereby creates and establishes a fund to be known as the "Workers Compensation Insurance Fund".
(B) Purpose of Fund. The purpose of the Workers Compensation Insurance Fund is to receive and hold funds for the purpose of using such funds to pay workers compensation claims, policy deductibles, administrative fees and charges, and pay for other related costs for approved public purposes.
(C) Responsibility for Fund. The Town Controller shall be responsible for all deposits into and disbursements out of the Workers Compensation Insurance Fund and shall keep records as to the disbursements, reimbursements, and current balance in such Fund at all times. Funds shall be deposited into such accounts from department budgets in accordance with internal fund transfer procedures and policies.
(D) Disbursement of Funds. The Town Controller is directed to only disburse funds from the Workers Compensation Insurance Fund created hereunder upon receipt of a claim allowed and approved by the Town Council.
(E) Non-reverting. The funds placed in the Workers Compensation Insurance Fund shall be independent and non-reverting.
(Ord. 35-2023, passed 12-11-2023)