[HISTORY: Adopted by the City Council of the City of Paterson 5-14-1986 as Ord. No. 86-019. Amendments noted where applicable.]
There shall be an Insurance Fund Commission established within the Department of Finance. The Commission shall be constituted and shall have such functions, powers and duties as provided by general law.
Pursuant to P.L. 1979, c. 230, and such other laws as may be applicable, the City of Paterson ("city") hereby establishes an insurance fund for the following purposes:
To insure against any loss or damage however caused to any property, motor vehicles, equipment or apparatus owned by the city, or under the control of any of the city's departments, boards, agencies or commissions.
To insure against liability resulting from the use or operation of motor vehicles, equipment or apparatus owned by or controlled by the city or owned by or under the control of any of the city's departments, boards, agencies or commissions.
To insure against liability for the city's negligence and that of its officers, employees and servants, whether or not compensated or part-time, who are authorized to perform any act or services, but not including an independent contractor within the limitations of the New Jersey Tort Claims Act (N.J.S.A. 59:1-1 et seq.).
Editor's Note: See N.J.S.A. 40A:10-6 et seq.
The minimum amount of the insurance fund hereby established shall be four hundred thousand dollars ($400,000.) and the maximum amount shall be two million dollars ($2,000,000.). The Municipal Council, from time to time, shall provide for the disposition of any excess over and above the maximum amount fixed or of the interest or profits arising therefrom when the fund shall reach the maximum limit.
The Insurance Commission so established within the Department of Finance shall consist of three (3) officials of the local unit, who may be members of the governing body, who shall be appointed by the Mayor as provided by law. The terms, powers and the authority of the Commissioners shall be in accordance with the applicable general laws.
A Secretary may be appointed if necessary.