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(a) Establishment of Fund. The Treasurer's Deferred Payment of Settlement Trust Fund is established as a category two to receive deposits of money held in trust for the settlement of claims and litigation which provide for the making of deferred payments pursuant to such agreements.
(b) Uses of Fund. Deposits made to the fund shall be invested and reinvested the same as permitted by law and disbursed therefrom pursuant to agreements for the settlement of claims and litigation which provide for the making of deferred payments pursuant to such agreements. The Treasurer of the City and County shall be the trustee of said trust fund and shall make disbursements therefrom only on warrants drawn by the Controller. Whenever a trust created pursuant to the provisions of a settlement agreement pertaining to a specific claim or litigation is terminated and the settlement agreement provides for the reversion of any unexpended balance in said trust to the City and County, the Controller shall debit the trust in the amount of such unexpended balance and said amount shall be credited by the Controller to the account which was the source of said trust funds.
(Added by Ord. 316-00, File No. 001911, App. 12/28/2000)