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the city to meet its abligatians in a timely manner. All earnings of the <br />fund shall became a part of the fund. It is recognized that as the fund <br />reaches sufficient size it could become sustaining so that earnings will <br />Ordinance - 1 <br />reduce the amount, if any, of other city revenues that must be placed in <br />the fund. <br />~3} The finance officer or designee is to endeavor to maintain in <br />the risk management fund a reserve amount for estimated losses, the esti- <br />mated costs of all insurance premiums, and an amount to defray administrative <br />costs. <br />~ 4} Disbursements or transfers from the risk management fund may <br />be made only by: <br />~a~ The finance officer or designee in payment of insurance <br />premiums and administrative expenses of the city`s risk management <br />program; <br />fib} The claims adjuster or adjusters contracted with or <br />employed by the city to administer its risk management program in <br />settlement of claims up to an amount as provided by contract; <br />~c} The finance officer or designee, in settlement of <br />claims of less the $53000 per claim; <br />~d} The finance officer or designee, in settlement of <br />claims of $5,D40.00 or more per claim, upon approval by the Court <br />of the settlement, or, if Court approval is not required by <br />statute, upon approval of the council. <br />~5~ The finance officer or designee shall maintain a complete <br />and accurate file of all claims and payments made and submit a quarterly <br />report to the city manager on the activities of the risk management fund. <br />Passed by the City Council this <br />26th day of June, 19$5 <br />~~ ~~~ <br />A.Ss~ City Recorder <br />Ordinance - ~ <br />Approved by the Mayor this <br />