HomeMy Public PortalAbout042-1997 - Special Ordinance - Insurance Fund ReserveORDINANCE NO. 42-1997
A SPECIAL ORDINANCE REQUIRING A RESERVE TO BE
MAINTAINED IN THE INSURANCE FUND
WHEREAS, the City of Richmond, Indiana is self -insured; and
WHEREAS, contributions made by the city and collected from covered employees are
deposited into the Insurance Fund; and
WHEREAS, all insurance claims and administrative costs are paid from said fund; and
WHEREAS, it is fiscally responsible to have a reserve sufficient to cover reasonable
contingencies.
NOW, THEREFORE, be it ordained by the Common Council of the City of
Richmond, Indiana, that a reserve is required to be maintained in the insurance fund, and
that said reserve shall be equal to at least ten percent (10%) of the total plan costs in a
given year.
Passed and adopted this day of 1997, by the Common Council of
the City of Richmond, Indiana.
_President
(Robert Dickman)
ATTE� :? G. t _ , City Clerk
(Norma Schroeder)
PRESENT D to the Mayor of the City of Richmond, Indiana, this day of
1997, at 9:00 a.m.
City Clerk
(Norma Schroeder)
APPRVVED by me, Den is Andrews, Mayor of the City of Richmond a, this
day of , 1997, at 9:05 a.m.
(Dennis
ATTEST G��e,�_ �,L, City Clerk
(Norma Schroeder)
ayor