HomeMy WebLinkAboutOrdinance No. 19709ORDINANCE 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
shall become effective immediately upon its passage by the City Council and
approval by the Mayar, retention by the Mayor for more than ten days, or
readoption over a mayoral veto by two-thirds of all members of the Council.
Passed by the City Cauncil this
23rd day of July, 1990
c....
City Recor er
Approved by the Mayor this
23rd day of July, 1990
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yor
Ord i Hance - 2