[Approved 7-22-1999 by Ch. No. 2533[1]]
[1]
Editor's Note: This chapter repealed former
Art. I, Automobile Accident Fund, approved 10-17-1967 by Ch. No. 1135
as Sec. 10-1 of the 1966 Code, as amended.
A special fund known as the "Insurance Deductible
Reserve Fund" shall be maintained by the City of Pawtucket for the
payment of claims above the deductible amount of the City's fire and
liability insurance.
All funds currently in the Automobile Accident
Fund, the Fire Insurance Fund and the Public Officials' Liability
Insurance Fund shall be transferred into the Insurance Deductible
Reserve Fund. Further, beginning in fiscal year 2001, the Finance
Director shall appropriate, in the Annual Operating Budget Ordinance,
a minimum of $10,000 for this fund, up to a maximum balance of the
current deductible for fire and liability insurance; and any earnings
of said funds shall be added thereto.
The Finance Director is hereby authorized to
exercise control over the disbursement of this fund. Disbursements
will be allowed for 75% of each claim above the deductible, up to
the balance of the fund.
