Ordinance No. 19709 - Laserfiche WebLink

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ORDINANCE N0, 19109 AN ORDINANCE CONCERNING THE RISK MANAGEMENT FUND; AMENDING SECTION 2.585 OF THE EUGENE CODE, 1911; AND DECLARING AN EMERGENCY. THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS: Section 1. Section 2.585 of the Eugene Code, 1971, is amended to pro- vide: 2.555 ~r~i s k l~ana~ ~ ement Fund - Admi n ` ~strat~on. ~1~ On August 14, 1978, in Ordinance No. 18241, a risk mans ement f nd ~ 9 u was created. It ~ s the ob~ect~ ve of the c~ ty to place, maintain, and carry-over from year to year ~ n that fund, an amount sufficient to meet the city's future liabilities, including but not limited tv, developed claim costs, incurred but not reported losses, larger than anticipated judgments, emp1 oyee benefit programs, and other contingencies . From time to time, appropriations to the fund may be made in accordance with the local Budget Law; in addition, all insurance premium refunds, rebates and dividends shall be placed in the fund. • ~2~ The city manager or designee shall invest such portion of the r~ sk management fund as ~ s deemed prudent i n such manner as wi 11 enable the city to meet its obligations in a timely manner. All earnings of the fund shall become apart of the fund. It is recognized that as the fund reaches sufficient size i t could become sustaining so that earnings wi 1 i reduce the amount, i f any, of other city revenues that must be p1 aced i n the fund . ~3} The city manager or designee is to endeavor to maintain in the risk management fund a reserve amount for estimated 1 asses, the estimated costs of all insurance premiums, and an amount to defray administrative costs . ~4~ Disbursements or transfers from the risk management fund may be made only by: •~a} The city•manager or designee in payment of insurance prem~ ums and adm~ ni strati ve expenses of the city's risk management program; €b~ The claims adjuster or adjusters contracted with or employed by the city to administer its risk management program in settlement of claims up to an amount as provided by contract; ~c~ The city manager ar designee, in settlement of claims. ~ 5 ~ The city manager or designee sha11 maintain a comp1 ete and accurate file of all clams and payments made and activities of the risk management fund . Section 2. That the matters contained herein concern the public welfare and therefore, an emergency is hereby declared to exist, and this Ordinance Ordinance - 1