The City may create and maintain a reserve fund or may jointly, with one (1) or more other political subdivisions of the state, make contributions to a joint reserve fund, for the purpose of making payment of claims, against the cooperating entities, when they become payable pursuant to the provisions of the Utah Governmental Immunity Act, or for the purpose of purchasing liability insurance to protect the cooperating entities from any or all risks created by said Act.
(Statutory Authority UCA 63-30-26; 1968 Code 3-5-5; amended in codification 1979; 1979 Code 6-2-5)