2.75.090 COMPREHENSIVE LIABILITY FUND.

The comprehensive liability fund is established and shall be maintained for the deposit of all moneys budgeted for the self-insurance program. Payments from the fund shall be made for all insurance premiums for all liability, property damage and fire and comprehensive coverage for the City, and all premiums for bonding officials and employees of the City, as authorized by the Council, or otherwise required by law. Payments shall also be made for such claims required to be paid by the City under deductible or self-retention insurance contract obligations, or through self-insurance, in settlement of claims or by any judgment of a court.

The fund may be charged for personnel costs of administering the self-insurance program, including salaries and benefits for the time expended thereon, cost of investigations, adjustment and outside legal and administrative costs.

It shall also be the depository for all moneys received, collected or recovered upon liability and property damage claims for the City. All earnings from investments of the fund and all state-mandated benefit costs recovered shall also accrue to the fund. Such earnings shall be credited to the fund at least once annually before the close of the fiscal year.

The fund shall be established and maintained at a sum which is comparable to the annual insurance premium rates for full coverage to one million dollars, as established by the Insurance Service Organization, plus twenty-five percent for excess coverage to ten million dollars, plus the reserves established for known claims as of July 1st of each year.