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• AN ORDINANCE <br />TO AMEND AND REORDAIN §§2-119 AND 2-120 <br />OF THE CODE OF THE <br />CITY OF CHARLOTTESVILLE, 1976, AS AMENDED, <br />RELATING TO THE RISK MANAGEMENT FUND. <br />BE IT ORDAINED by the Council of the City of Charlottesville, <br />Virginia, that §§2-119 and 2-120 of the Code of the City of Charlottes- <br />ville, are amended and reordained as follows: <br />Section 2-119. Creation; purpose. <br />The city treasurer and director of finance are hereby authorized <br />and directed to create and maintain a separate and distinct fund to <br />be designated as the risk management fund, which shall serve as a <br />reserve-€er-the-pagment-ef-easae�tq-and-}iabi�itq-€asses-net-eevered <br />bq-insurenee--and-she€1-preside-a-senree-far-the-pngment-a€-premiem+s <br />en-peiieies-insarinq-the-eitq-against-seek-iesses---Aii-sdtns-hereto€ere <br />eredited-te-end-Maintained-as-the-gas-insaranee-€nnd-shah-be-trans- <br />€erred-te-the-risk-management-€nnd- a fund for the payment of uninsured <br />liabilitv or casualty losses, self insured retentions or deductibles <br />and other unfunded claims a reserve for the future payment of accrued <br />workers' compensation claims, and a source for the payment of premiums <br />on volicies insurinq the city, its officers and employees against such <br />Section 2-120. Minimum balance; annual appropriation. <br />The city council shall annually budget for and appropriate from <br />the general fund, and utility funds and other operating funds of the <br />city a payments sufficient to provide their respective shares for the <br />payment of annual premiums on all city fidelity, casualty and liability <br />insurance coverages and workers' compensation costs and to restore the <br />reserve balance of such fund including amounts reserved for the future <br />t of accrued workers' compensation claims, to a <br />Adopted by Council <br />June 20, 1983 <br />C e < ot Council <br />0 83-7-17 <br />