Laserfiche WebLink
contents which are lost by or damaged bv fire or lightning, <br />as provided herein. The uses of funds from said account shall <br />be limited to losses which are subject to the deductible ~rovis- <br />ions of the City's blanket fire Insurance policies and un- <br />insured losses of City-owned buildings and contents. <br /> <br /> The City Council shall make annual contributions to the <br />Buildings and Contents Fire Insurance Account in the amount ~ <br />of Twelve Thousand ($12,OOO.) Dollars. If the available <br />balance of said account should amount to One Hundred Thousand <br />($100,O00.) Dollars or more, the annual contribution of the <br />City may be suspended for so long as the balance of the account <br />remains One Hundred Thousand ($100,000.) Dollars or more. <br />Any earnings from the investment of avai_~able funds of the <br />Buildings and Contents Fire Insurance Account shall be credited <br />to said account. <br /> <br /> The City Attorney shall consult with <br />before payment is made of any claim from <br />of Ten Thousand ($10,OOO.) Dollars. <br /> <br />the City Council <br />said account in excess <br /> <br />3. Administration. <br /> <br /> The Director of Finance shall be the custodian of all of <br />the funds created by this Section. For investment purposes <br />only, the funds of the Public Liability Insurance Account <br />and the funds of the Buildings and Contents Insurance Account <br />may be commingled. The custodian shall keep such records as <br />may be necessary accurately to determine at any time the <br />proportion of the total funds representing each account. <br />Allocation of investment income of the commingled funds <br />between each account shall be made by the custodian in the <br />ratio of the a~ounts of the contributed funds of the respective <br />account. <br /> <br /> The City Manager is hereby authorized to promulgate rules <br />and regulations governing the Insurance Fund, and to authorize <br />payments fro~ said Fund in accordance with the provisions of this <br />section. In addition, the City Manager shall make a quarterly <br />report to the City Council of all claims paid from the Insurance <br />Fund in excess of One Thousand ($I,OOO.) Dollars each. <br /> <br /> 2. This ordinance shall take effect from the date of its <br />adoption. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, <br />at a meeting held February 13, 1979. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />