A.   The City Commission may insure City property, as authorized by Oklahoma Statutes. Any money received as a result of destruction, damages or loss of such insured property shall be accounted for, and used as provided by said statutes.
   B.   The City Commission may purchase insurance to pay damages to persons sustaining injuries or damages to property as a result of negligent operation of motor vehicles or motorized equipment of the City.
   C.   The City Commission may provide hospital, health and medical insurance, through any company authorized to do business in Oklahoma, for any or all of its officers or employees and their dependents, whether said officers or employees are engaged in governmental or nongovernmental functions of the City. The City Commission may pay a portion of all of said premiums from any City funds, and may deduct from the wages or salary of any such officer or employee, upon written authority signed by the officer or employee, amounts for the payment of all or any portion of the monthly premium for same. (2007 Code § 1-62)