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• AN ORDINANCE TO AMEND THE CODE OF THE CITY OF CHARLOTTESVILLE, 1976 BY ADDING IN CHAPTER 2 THEREOF AN ARTICLE XVII CONTAINING SECTIONS 2-114 through 2-120 CREATING A RISK MANAGEMENT FUND AND ESTABLISHING PROCEDURES FOR THE COMPROMISE AND PAYMENT OF CLAIMS. BE IT ORDAINED by the Council of the City of Charlottesville that the Code of the City of Charlottesville, 1976, be amended by adding in Chapter 2 thereof an Article XVII containing C2-114 through G2-120 as follows. ARTICLE XVII RISK MANAGEMENT FUND Section 2-114. Risk Management Fund; Creation and Purpose. The city treasurer and director of finance are hereby authorized and directed to create and maintain a separate and distinct fund to be • designated as the Risk Management Fund, which shall serve as a reserve for the payment of casualty and liability losses not covered by insurance, and shall provide a source for the payment of premiums on policies insuring the city against such losses. All sums heretofore credited to and maintained as the Gas Insurance Fund shall be transferred to the Risk Management Fund. Section 2-115. Minimum Balance; Annual Appropriation. The city council shall annually budget for and appropriate from the general fund and utility funds a payment sufficient to provide for the payment of annual premiums on all city fidelity, casualty and liability insurance coverages, and to restore the reserve balance of such fund to a minimum of two hundred -fifty thousand dollars. Section 2-116. Treasurer to Invest Funds. The city treasurer is authorized and directed to invest the balance of the risk management fund in securities or other investments approved by state law for the investment of public funds which he deems sufficiently liquid to permit the ready use of such fund for the payment of losses. The proceeds of such investments shall be reinvested in • such fund.