(A) There is hereby established an Uninsured Claims and Judgments Trust Fund for the purpose of providing a funded reserve to pay uninsured claims and judgments sought or entered against the town and town officers and employees.
(B) All claims, judgments and expenses related thereto shall be paid from this fund only in accordance with procedures and uniform standards established by the town’s Board of Commissioners.
(C) This fund is established as a trust and agency fund in accordance with G.S. § 159-13(a)(3), and may receive contributions from other funds of the town pursuant to appropriations set by the town’s Board of Commissioners.
(Ord. passed - -)