There is hereby created in the treasury of the city a fund to be known as the general liability self-insurance fund.
(Ord. 1748 § 1, 2002)
Expenditures from the general liability self-insurance fund shall be limited to the payment of present and future general and automobile liability claims and claims expenses, claims administration costs, lost control programs, claims investigation fees, legal defense costs, risk management service fees, public safety and injury prevention programs and any other risk management fees related to general liability and automobile liability claims or the prevention thereof.
Expenses arising from experience based surcharges for general and automobile liability claims shall be payable from the general liability self-insurance fund.
(Ord. 1748 § 2, 2002)
The general liability self-insurance fund shall charge annual insurance premiums to the city's various operating funds. Premiums may be charged through an approved cost allocation plan consistent with generally accepted accounting principles or, in the alternative, may be based upon the experience rating of the various city departments.
Rebates accruing to the city from favorable experience in liability claims shall be credited as revenue to the general liability self-insurance fund.
(Ord. 1748 § 3, 2002)
The city manager or a designated representative thereof shall cause an actuarial study of the general liability self-insurance fund to be performed every two years to quantify the city's potential liability for claims incurred but not reported.
(Ord. 1748 § 4, 2002)