[Adopted 7-6-1993; amended in its entirety 12-2-2002]
There shall be a fund created to be known as
the "Property and Casualty Insurances Fund" to incorporate all income
and expenses associated with the City of Middletown's and its Board
of Education's property and casualty insurances.
Such income to the fund shall include but not
be limited to the amounts budgeted by the Common Council to the various
budgets to cover the costs associated with the property and casualty
insurances commencing with the funds appropriated for fiscal year
1994 and such expenses to include but not be limited to insurance
premiums, claims adjustment, settlement and judgment amounts, administration
and such other expenses as are properly incurred incident to the property
and casualty insurances.
[Amended 5-2-2013 by Ord. No. 11-13]
Expenditures shall only be made from the fund for the City's property and casualty insurances by the Director of Finance in accordance with the directions of the General Counsel, as authorized pursuant to § 31-28 of the Middletown Code of Ordinances, as amended, and/or the Insurance and Claims Committee and/or the City's Risk Manager. Said fund shall be subject to normal budgetary procedures and appropriation action, provided that due consideration shall be given to the recommendations of the General Counsel, Risk Manager and/or Insurance and Claims Committee, in taking such action with respect to said fund.
