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AN ORDINANCE TO~END THE CODE OF THE CITY OF PORTS~4OUTH, VIRGINIA, 1973, AS AMENDED, BY AMIEND!NG SECTION 2-19 PER- TAINING TO SELF-INSURANCE FUND AND BY REPEALING SECTION 2-4 PERTAINING TO BONDS OF PERSONNEL. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That Section 2-19 of the Code 'of the City_of Ports- mouth, Virginia~ 1973, as ~ended, be ar~ended and reordained to read as follows: Section 2-19. Establishment of Self-Insurance Fund. The Self-Insurance Fund is hereby created for the purpose of providing a reserve source 'of funding for certain expenses pertaining to casualty, liability and property losses. The fund is to provide protection of the assets of the 'City of Portsmouth against the financial consequences of losses that are unexpected and is for the benefit of officers, employees and me~ers of~cor~uissions established by the City Council of the City. The fund may be 'used to pay the expenses of defending and payment of claims arising out of the good faith action of such officersr employees, and cormuissioners within the scope of their duties on behalf of the City. (a) Fu~nction. The City Council shall make annual appropriations to the Self-insurance Fund if a contribution is determined to be 'necessary. The total contribution dete_v~uined shall take into accoun~ limits, deductibles and aggregate levels of existing insurance policies, as well as reserve levels es- tablished to determine financial liability for occurred losses. Self-Insurance Fund coverage shall supplement commercial insurance policies purchased to cover certain Casualty, liability and property losses, including but not ~imited automobile, property and liability, Workmen's Compensation, general liability, police and public official Tiability, building and content damages, including fire and lightning, money and securities, and employee dishonesty. Such supplemental coverage may include any losses below the deductible amount or above the upper limits of coverage of co~ercial insurance policies. Disbursements may be made 'from the Self-Insurance Fund to pay claims for.such losses in~e~cess of a~aounts budgeted, if any, in the City's operating budget for claims and/or losses. Any earnings from the invest- ment of available funds in the Self-Insurance Fund shall be credited to said fund. .ShDuld it be determined that the fund balance exceeds the selz insured liabilities so reserved,