Ordinance No. 19340 - Laserfiche WebLink

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ORDINANCE NO. 19340 AN ORDINANCE CONCERNING THE CITY'S SELF-INSURANCE PROGRAM; AND AMENDING SECTION 2.585 OF THE EUGENE CODE, 197'1. The City Council of the City of Eugene finds that; The City is authorized under state law to establish a self-insurance program, and an August 14, 1975 created a Risk Management Fund and provided far its administration by Ordinance Na. 18329 gadding Section 2,555 to the Eugene Cade, 1971} passed by the Council and approved by the Mayor an Febru- ary 7, 1979. Substantial monetary savings have accrued to the City under the exist- ing program and additional savings would be realized by self-.insuring employee benefits. Section 2.585 of the Eugene Code, 1971 should therefore be amended to clarify that the City's self-insurance/risk management program includes the self-insuring of employee benefits. Therefore, THE .CITY OF EUGENE DOES ORDAIN AS FOLLOWS: Section 1. Based upon the above findings, which are adopted and incor- porated herein, Section 2.555 of the Eugene Code, 1971, is amended to read and provide: ; 2.555 Risk Mana ement Fund - Administration. ~1~ On August 14, 1915, in Ordinance No. 15241, a risk management fund was created. It is the objective of the city to place, maintain, and carry-aver from year to year in that fund, an amount sufficient to meet the city's future l i obi 1 i ti es, including but not 1 i mi ted to, level aped cl ai m costs, incurred but not reported lasses, larger than anticipated judgments, employee benefit programs, and other contingencies. From time to time, appropriations to the fund may be made i n accordance with the Local Budget Law; in addition, all insurance premium refunds, rebates and dividends shall shat l be placed i n the fund. ~2) The finance officer or designee shall invest such portion of the risk management fund as is deemed prudent in such manner as will enable Ordinance - 1