Township of Clark, NJ
Union County
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Table of Contents
Table of Contents
[HISTORY: Adopted by the Township Council of the Township of Clark as indicated in article histories. Amendments noted where applicable.]
[Derived from Sec. 2-50 of the 2002 Revised General Ordinances, adopted 12-16-2002 by Ord. No. 02-27]
There is hereby established an Insurance Fund for the Township of Clark for the following purposes:
To insure against any loss or damage, however caused, to any property, motor vehicles, equipment or apparatus owned by it or owned by or under the control of its departments, boards, agencies or commissions.
To insure against liability resulting from the use or operation of motor vehicles, equipment or apparatus owned by or controlled by it or owned by or under the control of any of its departments, boards, agencies or commissions.
To insure against liability for its negligence and that of its officers, employees and servants, whether or not compensated or part time, who are authorized to perform any act or service, but not including an independent contractor, within the limitations of the New Jersey Tort Claims Act, N.J.S.A. 59:1-1 et seq.
The Township Council is hereby authorized to appropriate the monies necessary in order to carry out the purposes recited in § 33-1.
The Township Council may designate the maximum or minimum amount of the fund and provide for the disposition of any excess over and above the maximum amount fixed or of the interest or profits arising therefrom when the fund shall have reached the maximum limit.
Appointment. The Director of Revenue and Finance, Treasurer of the Township, shall be the custodian of the fund's assets and shall maintain the various accounts comprising such fund or funds.
Powers and duties. The fund custodian shall:
With the consent of the Commissioners, approve all receipts, payments and financial records.
Prepare the fund's cash management plan and invest all balances.
Perform such other duties as provided for by the Fund Commission and/or any regulations or laws of the State of New Jersey.