There is hereby created in the City Treasury a fund to be known as the Santa Clarita Self-Insurance Fund.
(Ord. 88-20, 4/28/1988)
There shall be deposited into this Fund from time to time by means of interfund transfers from the General Fund such sums of money as may be required to created a self-insurance reserve of $250,000. Any interest earnings resulting from the investment of the moneys in this fund shall be deposited in this fund.
(Ord. 88-20, 4/28/1988)
All expenditures made from this fund shall be made only for the settlement of liability claims against the City. All expenditures shall be in the form of an interfund transfer to the General Fund and shall be in accordance with all budget procedures and regulations approved by the Council.
(Ord. 88-20, 4/28/1988)