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HomeMy WebLinkAboutOrd 13222/5/86 follows: ORDINANCE N0. 1322 ORDINANCE AMENDING INSURANCE FUND The CITY COUNCIL of the CITY OF BURLINGAME does HEREBY ORDAIN as Section 1. Chapter 4.14 of the Burlingame Municipal Code is hereby amended to read as follows: "CHAPTER 4.14 SPECIAL INSURANCE FUND Section 4.14. Special Insurance Fund. The special insurance fund the foregoing ordinance is established and shall be maintained for the deposit of all new monies budgeted for payment of Workers' Compensation insurance premiums and claims, liability insurance premiums and claims, and all other insurance premiums and claims. It shall also be the depository for monies recovered from third parties for reimbursement of losses and other similar recovery of funds. Payments therefrom shall also be made for other expenditures related to said programs. The fund shall be established and amounts accumulated therein so as to maintain sufficient reserves for known and anticipated future losses consistent with accepted accounting practices. The amount and sufficiency of reserves shall be reviewed annually. All earnings from investments of the fund and all state mandated benefit costs recovered shall accure to the fund." Section 2. This ordinance shall be published as required by law. U} A� Mayd� I, JUDITH A. MALFATTI, City Clerk of the City of Burlingame, do hereby certify that the foregoing ordinance was introduced at a regular meeting of the City Council held on the 21st day of April , 1986, and was adopted thereafter at a regular meeting of the City Council held on the 5th day of May 1986, by the following vote: AYES: COUNCILMEN: AMSTRUP, BARYON, LEMBI, MANGINI NOES: COUNCILMEN: NONE ABSENT: COUNCILMEN: PAGLIARO17 ' t f' `f ,. City Clerk