The City, as employer, shall act as collecting agent for the premiums so deducted from the wages of the insured employees and shall remit the amounts so collected to the duly authorized representative of some insurance company, as set forth in Section 149.06 with which the City has entered into a contract, in such amounts and at such periods as provided for in the contract. The City shall not incur any obligation to the insurance company other than the duty of collecting and remitting the premiums deducted from the employees' wages, and shall make no warrants or representations to the insurance company or incur any liability whatsoever with reference to the insurance contract except as hereinbefore provided.
(1961 Code Sec. 143.08)