HomeMy WebLinkAbout1988-04-28 - ORDINANCES - SELF INS FUND (2)ORDINANCE NO. 88-20
AN ORDINANCE OF THE CITY OF SANTA CLARITA
?"` AMENDING THE MUNICIPAL CODE TO ADD CHAPTER
NO. 3.07 TO TITLE 3 ESTABLISHING A SELF-
INSURANCE FUND.
THE CITY COUNCIL OF THE CITY OF SANTA CLARITA DOES
ORDAIN AS FOLLOWS::
Section 1: The Santa Clarita Municipal Code is
hereby amended to add Chapter 3.07 to Title 3 relating to
the establishing of a self-insurance fund.
CHAPTER 3.07
SELF-INSURANCE FUND
Sections:
3.07.010 Created
3.07.020 Moneys Included
3.07.030 Expenditures
3.07.010 Created. There is hereby created
in the City Treasury a fund to be known as the Santa Clarita
Self -Insurance Fund.
3.07.020 Moneys Included. There shall be
deposited into this Fund from time to time by means of interfund
transfers from the General Fund such sums of money as may
be required to created a self-insurance reserve of $250,000.
Any interest earnings resulting from the investment of the
moneys in this fund shall be deposited in this fund.
3.07.030 Expenditures. All expenditures
made from this fund shall be made only for the settlement
of liability claims against the City. All expenditures shall
be in the form of an inter£und transfer to the General Fund
and shall be in accordance with all budget procedures and
regulations approved by the Council.
Section 2: The City Clerk shall certify to the adoption
of this ordinance and cause it to be posted in the manner prescribed
by law.
Mayor
ATTEST:
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City Clerk ,/
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, E.Fredrick Bien , City Clerk of the City of
Santa Clarita do hereby certify that the foregoing Ordinance
No. 88-20 was regularly introduced and placed upon its first
reading at a regular meeting of the City Council on the 14th
day of April , 1988. That thereafter, said
Ordinance was duly adopted and passed at a regular meeting
of the City Council on the 28thday of April
1988, by the following vote, to wit:
AYES: COUNCILMEMBERS: Boyer, Darcy, Heidt,
Koontz, McKeon
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
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City Clerk