(a) Pursuant to the provisions of Ohio R.C. 5705.12, there is hereby established a special fund to be known as "Claims and Litigation Fund".
(b) There shall be deposited to the Claims and Litigation Fund such amounts of money that Council shall from time to time determine are necessary for adequate provision for the establishment of reserves, administration of the self-insurance program and payment of claims made against the City or its employees and officials.
(c) All moneys not immediately necessary for the administration of the program or payment of claims shall be invested by the Finance Director and any interest earned shall be retained in the fund until such time that Council determines an adequate amount of money is available for the necessary administration costs, payment of claims and reserves for potential claims. Such moneys shall not be available for general municipal operations or for the payment of wages or salaries of City employees or officials.
(d) The balance of the fund shall be reviewed by the Mayor and Council each six months to determined the adequacy of the same for purposes set forth above.
(Ord. 117-86. Passed 9-23-86.)