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AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1973, BY AMENDING SECTION 2-19 THEREOF PERTAINING TO THE ESTABLISHMENT OF THE PORTSMOUTH RISK MANAGEMENT AND INSURANCE FUND, AND BY ADDING TO CHAPTER 2 THEREOF, SECTION 2-20 PERTAINING TO THE ESTABLISHMENT OF THE SCHOOL BOARD RISK MANAGEMENT AND INSURANCE FUND. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That Section 2-19 of the Code of the City of Portsmouth, Virginia, 1973, be amended to read as follows: Section 2-19. Establishment of Portsmouth Risk Management and Insurance Fund. The Portsmouth Risk Management and Insurance Fund is hereby created for the purpose of providing a reserve source of funding for ceutain expenses pertaining to probable or possible losses. The fund is to provide for the protection of the assets of the City of Portsmouth against the financial consequences of losses that are unexpected. The fund may be used to pay the expenses associated with claims management and payment of claims arising out of good faith actions of officers and employees of the City and members of Commissions established by the City Council within the scope of their duties on behali of the City. The fund may also be used to pay insurance premiums and insurance pooling costs which may be obtained to provide protection from losses arising from claims covered by the fund. (a) FUNCTION: The City Council shall make annual appropriations to the Portsmouth Ri~k Management and Insurance Fund if a contribution is determined to be necessary. The total contribution determined shall take into account limits, deductibles and aggregate levels of existing insurance policies and insurance pools, as well as reserve levels established to determine financial liability for incurred losses. Disbursements may be made from the Portsmouth Risk Management and Insurance Fund to pay claims for such losses in excess of amounts budgeted, if any, in the City's Operating Budget, for insurance policies, insurance pool costs, claims and/or losses, and costs associated with claims management. Any earnings from th~ investment of available funds in the Portsmouth Risk Management and Insurance Fund shall be credited to said fund. Should it De determined that the fund balance exceeds the liabilities so reserved, the City may suspend its minimum contributions for so long as the fund balance remains above such reserve levels deemed necessary.