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(b) ADMINISTRATION: The City Manager is hereby authorized to promulgate rules and regulations governing the Portsmouth Risk Management and Insurance Fund and to authorize payments from said fund in accordance with the provisions of this section. The City Attorney shall approve the payment of any claim and shall consult with the City Council before payment is made of any claim in excess of One Hundred Thousand Dollars ($100,000). The Director of Finance shall be the custodian of all the funds created by this section and shall keep such financial records of the fund as may be necessary. In addition, the City Manager shall make a quarterly report to the City Council of all claims paid in excess of Fifty Thousand Dollars ($50,000) each. 2. That Chapter 2 of the Code of the City of Portsmouth, Virginia, 1973, be amended by adding thereto Section 2-20, such new section to read as follows: Section 2-20. Establishment of School Board Risk Management and Insurance Fund. The School Board Risk Management and Insurance Fund is hereby created for the purpose of providing a reserve source of funding for certain expenses of the Portsmouth Public Schools. The fund is to provide protection of the assets of the Portsmouth Public Schools 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 the good faith actions of officers and employees of the Portsmouth Public Schools. 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. Annually, as part of the budget process, the City Council shall appropriate for the purpose of education the total amount of all funds estimated to be available for the ensuing fiscal year in the School Board Risk Managemen~ and Insurance Fund. Appropriations, to the extent they shall not have been expended or lawfully encumbered, shall lapse at the end of the per~od for which they were made. The City Manager is hereby authorized to enter into an agreement with the Superintendent of Schools establishing rules and regulations governing the School Board Risk Management and Insurance Fund and to authorize payment therefrom. The City Attorney shall approve the payment of any claim and shall consult with the School Board before payment is made ~f any claim in excess of One Hundred Thousand Dollars ($100,000).