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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