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AN ORDINANCE TO A~iEND THE CODE OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, 1973, BY f~{ENDING SECTION 2-19 THEREOF, PERTAINING <br />TO SELF-INSURANCE COVERAGE. <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. That Section 2-19 of the Code of the City of Ports- <br />mouth, Virginia, 1973, be amended and reordained to read as <br />follows: <br /> <br />Section 2-19. Insurance Fund. <br /> <br /> The Insurance Fund is hereby created for the purpose of <br />providing a reserved source of funding for certain expenses <br />pertaining to oubtic liability claims and fire and lightning <br />losses. The Insurance Fund i~ comorised of two sections, the <br />Public Liability Insurance Account and the Building and Contents <br />Fire Insurance Account, which accounts Shall be independent of <br />each other with regard to their funding and orovisions for pay- <br />ments. <br /> <br />1. Public Liability Insurance Account. <br /> <br /> The Public Liability Insurance Account~f the Insurance <br />Fund is for the benefit of officersr employees, and mermbers <br />of commissions established by the City Council of the City <br />of Portsmouth. Said account shall be used to pay the expense <br />of defending and payment of claims arising out of ~the good <br />faith action of such officers, employees, and cormnissioners <br />within the scope of their duties with the City of Portsmouth. <br /> <br /> The Citv Council shall make annual contributions to the <br />Public Liability Insurance Account in the ~ount of Fifty <br />Thousand ($50,000.) Dollars. If the available balance of <br />said account should amount to One ~illion ($I~OOO,O00.) Dollars <br />or more, the annual contribution of the City may be suspended <br />for so long as the balance of the account remains One ~illion <br />($1,000,000.) Dollars or more. Any earnings from the investment <br />of available funds of the Public Liability Insurance Account <br />shall be credited to said account. <br /> <br /> The City Attorney shall consult with the City Council <br />before payment is made of any claim from said account in excess <br />of Five Thousand ($5,000.) Dollars. <br /> <br />2. Buildings and Contents Fire Insurance Account. <br /> <br /> The Buildings and Contents Fire Insurance Account shall <br />be used for the payment of expenses reouired for the re- <br />construction, reolacement, and repair ~f City buildings and <br /> <br /> <br />