HomeMy WebLinkAbout1999 ORDINANCE N0. 1999
AN )INANCE providing for the creation and establishment of a spec-
ial fund be ~nown as "Cumulative Reserve Fund for Self Insurance" and
providing the deposit of funds therein and tae transfer oi' i~unds
thereto, )roviding for disbursements from said ~'und.
THE CITY BRENERTON OOES ORDAIN:
Section 1. Whereas, heretofore by a budget appropriation there have
been certain I'un. appropriated and held oy the Municipal Water Department
for a "Water ~nsurance Fund" for the purpose of creating and estab-
lishing a fund to losses by i'ire or other catastrophe au(-t in order to
provide a means of ~ii' insurance and to make it unnecessary to purchase
coverage ~or fire other catastrophe, and which ~'un~now amounts to the
sum of $1V,O5b.76; whereas, it is the declared policy of the City
Cotmcil of the City )n to create a fund for self insurance.
Now, therefore, th. 'e is hereby established in the Treasurer's Office
of the City of Bremerton special fund to be known as the "Cz~mulative
Reserve Fund for Self .ance" and there is hereby tranferred into said
fund all I'unds now held, c ,tied or maintained in the Water Self Insurance
Fund and. the Treasurer is a ',ed to accept and deposit to the credit
of the Cumulative Reserve for 5eli' Insurance such amount so transfer-
red and any other amounts may be by budget or other appropria5ion
or from other sources deposit~ with said Treasurer in said I~und.
Section 2. The Treasurer the City of Bremerton shall hold said
f~md and shall pay therei'rom the of losses as may be suffered by
fire or other damage t o buildings .ct otherwise covered by insursnce and
operated under the Water Departmen to the extent only of the total a-
mount of the funds transferred ~o or hereaI'ter appropriated and de-
posited in sai~ I'und and said Tr~ is further directed ~o pay out of
said fund for such losses as may cc to other buildings and/or property
of ~he City of Bremerton and any thereof to the extent that an
appropriation or deposit cZ' funds be made in said fund by such De-
partment of ~he City of Bremerton, loss is not covered by insurance
or for any deficiency remaining after pa ~ent ox' the amount of insurance
thereon.
APPR0~YED on i'irst reading this 8th day October, 1952.
PASSED on final reading by the City Counc~ of the City of Bremerton,
signed by the Mayor and attested 0y the City C1. in authentication of
such passage this 1Sth day of October, 19~2.
ATTEST: ~or
E.H.T. McGowan, City Clerk
I, ~h~ ~;,.~,:~ q;;~ d~ he;3 ~y certify thaf