[HISTORY: Adopted by the Township Committee of the Township of Rochelle Park 3-19-1997 by Ord. No. 748. Amendments noted where applicable.]
Chief Financial Officer — See Ch. 12.
It has been determined that an appropriation will be made available in the 1997 municipal budget or from prior year insurance refunds to establish the principal insurance fund in accordance with the conditions established through this chapter.
The primary purpose of this trust is to establish a fund to permit the governing body or fund commissioner to secure insurance protection for the local unit.
Investment of funds shall be under the direction of the Chief Financial Officer in accordance with the Local Fiscal Affairs Law, which provides rules and regulations for the control, investment and disbursement of said funds.
Editor's Note: See N.J.S.A. 40A:5-1 et seq.
If the governing body at some future date determines that conditions permit a reduction of the principal amount appropriated to the trust fund, they may cancel a portion of the funds for use in the current operating budget by not less that a two-thirds vote of the full governing body.