[Adopted 11-24-1998 by Ord. No. 98-13 as Ch. 9, Art. X, of the 1998 Code]
There is hereby created and established an Insurance Fund Commission consisting of three Commissioners.
The Insurance Fund Commission shall have all the powers, authority and duties permitted by N.J.S.A. 40A:10-10, as amended from time to time, including but not limited to investment of the insurance fund, adoption of rules and regulations for control and investment of the fund, payment of claims, and order and pay for such insurance deemed reasonable and necessary as budgeted by the Township Council. The Commission shall make written report and recommendation to the Township Council as to the state of the Township's insurance program and the adequate staffing of the Commission.
Insurance Fund Commissioners shall be appointed by the Township Council and shall serve without compensation. The Commissioners shall be officials of the Township government and may be members of the Township Council. Each Commissioner shall hold office for two years or for the remainder of his term of office, whichever is less, and until his successor shall have been duly appointed and qualified. Vacancies shall be filled for the unexpired term.
Upon appointment of the three Commissioners, they shall meet and organize for the ensuing year and elect from their membership a Chairperson who shall serve for that year.
The Township Council shall appoint a Secretary to the Insurance Fund Commission, who shall serve at the pleasure of the Insurance Fund Commission, at a salary to be set by ordinance as deemed appropriate by the Township Council.
The Secretary to the Insurance Fund Commission shall have such duties as are prescribed by rules and regulations of the Insurance Fund Commission and shall report to the Commission as required.