§ 2-9. Uninsured loss fund.

(a)

There is hereby established a capital fund, to provide a fund for the payment of any claims against the city or damage to city property, which loss or claims are in excess of current appropriations in the budget for uninsured losses and which loss or claims are: (1) not covered, in whole or in part by insurance; or (2) not covered or paid for by the city. This fund shall be funded at the end of each fiscal year by the balance remaining at the end of such fiscal year in any appropriation in the budget for that year for the payment of claims or uninsured losses, plus any additional appropriations made, from time to time, by the board of aldermen for such purpose.

(b)

At the end of each fiscal year the balance remaining in the capital fund shall not lapse, but shall carry over from year to year until the fund is dissolved by ordinance.

(c)

Expenditures shall be made from such fund upon recommendation of the finance director or his designee and the approval of the board of aldermen.

(Ord. No. 500, 6-12-86)