There is hereby created a Municipal Insurance Fund Commission
within the Township consisting of three members who shall be called
"Commissioners." Nonvoting members shall be a Secretary and the Township's
Insurance Broker.
A. Three Commissioners shall be appointed by the Township Manager.
B. The first Commissioner shall hold office for a term of one year;
the second Commissioner for two years; and the third Commissioner
for three years. A calendar year shall be used to determine the terms
of office for the Commissioners.
C. Vacancies in the office of Commissioner caused by any reason other
than the expiration of term shall be filled for the unexpired term.
D. A Commissioner shall serve without compensation.
Immediately upon their appointment, the Commissioners shall
organize for the ensuing year and elect a Chairperson from their membership
who shall serve for one year.
The Commissioners shall have the following powers and authority:
A. Invest the fund and all additions and accretions thereto in such
securities as they shall deem best to maintain the integrity of the
fund.
B. Adopt rules and regulations for the control and investment of the
fund.
C. Keep on hand in the fund sufficient cash or securities which can
immediately be converted to cash for the payment of losses.