HomeMy Public PortalAboutOrd. 22-27No. #22-27 ..of for.
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ESTABLISHING AN INSURANCE TRUST FUND
PURSUANT TO N.J.S.A. 40A: 10-6
WHEREAS, the Borough of Carteret (hereinafter "Borough") is desirous of establishing an
insurance fund to receive, preserve, manage and administer any excess funds, rebates and refunds
which the Borough may be entitled to receive as part of its employer provided prescription drug
benefit insurance plan, as provided for pursuant to N.J.S.A. 40A:10-6(e).
NOW, THEREFORE BE IT ORDAINED, by the Mayor and Council of the Borough of
Carteret as follows:
Section 1. There Is hereby established as part of the administrative organization of
the Borough an Insurance Trust Fund, to be known as the Prescription
Drug Insurance Trust Fund, as authorized pursuant to .J.S.A. 40A: 10-
6(e), and the governing body may make such appropriations as may be
necessary for such purpose. Further, the governing body may, from time
to time, designate a maximum amount of said fund and provide for the
disposition of any excess amount, or interest thereon, as authorized
pursuant to N.J.S.A. 40A: 10-7.
Section 2. The purpose of the Insurance Fund so established hereunder shall be to
receive, preserve, and manage any rebates and/or refunds which the
Borough may be entitled to receive under its employee prescription drug
Benefit insurance plan and shall administer the same for the benefit of
said plan.
Section 3. Upon the establishment of Insurance Fund, the Mayor shall serve as a
member of the Trust Fund and appoint the two (2) other Commissioners
and the Secretary of said Insurance Trust Fund as provided for pursuant to,
and which Commissioners and Secretary shall serve in accordance with,
the provisions of N.J.S.A. 40A: 10-8, Upon appointment, the
Commissioner shall organize and select a Chairman from amongst its
membership as provided for in accordance with W.S.A. 40A:10-9.
Section 4. The Commissioners of the Insurance Trust Fund shall exercise all of the
powers and authority authorized under N.J.S.A. 40A: 10-10.
Section 5. All Ordinances and/or provisions thereof inconsistent with the provision
of this Ordinance shall be and are hereby repealed as to the extent of any
such inconsistendies.
Section 6. If any section, subsection, part, clause or phrase of this Ordinance shall be
declared invalid byjudgment of any Court of competent jurisdiction, the
section, subsection, part, clause or phrase shall be deemed to be sever able
from the remainder of this Ordinance.
Section 7. This Ordinance shall take effect upon passage and publication according
OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
BELLING
X
JOBAL
X
DIAZ
X
KRUM
X
DIMASCIO
X
NAPLES
X
X-Indicate veto AB - Absent NV -Not Voting XOR- Indicates Vote to Overrule Veto
Adopted on first reading of the Council of the Botough of Carteret, N.Y., on December 8, 2022
Adopted on second reading after hearing on December 29 2022
APPROVHDB ,
ON rL•30^amL.. v
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IIOROUG CL K
AFFIDAVIT OF PUBLICATION
The following is a true copy of an Ordinance or Resolution of
the Borough of Carteret that has appeared in the Home News
Tribune, a newspaper which is printed in Freehold, New
Jersey and published in Neptune, in said County and State and
of general circulation in said county. One 1 time(s), once in
each issue as follows:
December 13, 2022
Notary ublic of New Jersey
QJENNIFER .0 fl0
otary Publ� • State of New Jersey
Commission # 50.18.8983
Comm. Ex Ives Mar. 31 2027
Sworn and subscribed before
me this day of �t L Yt%,
Carnicla Pogorie ski,_- C
Municipal Clerk
ORDINANCE #22-27
"AN ORDINANCE ESTABLISHING AN INSURANCE TRUST
PURSUANT TO N.I.S.A. 40A:10-6-
This ordingno. establishes an Insurance trust fund for tht
of Carteret.
is on it
persons
Carmela
($18.06)
AFFIDAVIT OF PUBLICATION
The following is a true copy of an Ordinance or Resolution of
the Borough of Carteret that has appeared in the Home News
Tribune, a newspaper which is printed in Freehold, New
Jersey and published in Neptune, in said County and State and
of general circulation in said county. One 1 time(s), once in
each issue as follows:
January 4, 2023
Carmela Pogorze skis MC:
Municipal Clerk
3 i)
otary t blic of New Jersey
JENNIFER K.OTERO
QMy
Not�y FVWb • slate of New Jersey
CommiSalon tl 50.18.8983Comm. Ex Tres Mar. 31 2027
Sworn and subscribed before
me this day of , C), '