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HomeMy WebLinkAboutOrd 1161ORDINANCE rro. z?�1 ORDI?QANCE AMENDING SET p NSURANCE RESERVE REQUIREME?TS The CI'T'Y COUNCIL of the City of Burlingame does ORDAIN as follows: Section 1. Section 4.14.010 of the Burlingame Municipal Code is hereby amended to read as follows: "4.14x010 Workers° compensation fund. The worxers' compensation fund is established and shall be maintained for the deposit of all moneys budgeted for payment of workers' compensation claims under the city`s self-insurance program. It shall also be the depository for temporary disability payments recovered from third parties or received while the employee is disabled and is receiving full salary under the provisions of the California Labor Code or city ordinances or agree - mems. Payments therefrom shall be made for all proper industrial injury claims against the city and for e�.- penditures related to said program. The fund shall be established and amounts accumulated therein until it is equal to two and one-half times the current manual rates as determined each fiscal year. .- All earnings from investments of the fund, and all state mandated benefit costs recovered, shall also accrue to the fund." Section_ 2. Section 4.14.020 of said Code is hereby amended to -read. as `ollo�Ts: °'4.14.020 General liability and property damage fund. The general liability and property damage fund is established and shall be maintained for the deposit of 11/28/79 1 � .- all moneys budgeted for payment of general liability and property damage claims under the city's self- insurance program. It shall also be the depository for any payments received from third Darties for reirnburse- went of city insurance payments. Payments therefrom shall be made for all proper general liability and property damage claims against the city and for expenditures related to said program. The fund shall be established and amounts accumulated therein to maintain a sum equal to three times the current self-insurance retention, as determined at the beginning of each fiscal year. All earnings from investments of the fund shall be accrued to the fund." Section 3. This ordinance shall be published as required by law. I, EVELYN ri. HILL, City Clerk of the City of Burlingame. hereby certify that the foregoing Ordinance was introduced at a regular meeting of the City Council held on the 3rd day of December, 1979, and was adopted thereafter at a regular meeting of the City Council held on the 17 day of December 19 7e9, by the following vote: AYES: COUNCILMEN: AmstruD�Qarton-Crosby•Hangir(I-14.rlin NOES: COUNCILMEN: Norse ABSENT: COUNCILMEN: \fvub City Clerk