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Oh:i)INANCE NO. 3506 <br /> All OR?YINANCE creating a Cumulative iLeserve und for the <br /> payment of claims and judgments against the city of Everett arising <br /> y out of torts; directing the transfer of all funds in the mployees ' <br /> Retirement i'und not required for the payment of obligations due from <br /> the City of Everett to the State of Washington Employees ' Retirement <br /> Fund; and providing for the deposit of additional funds in said <br /> Cumulative Reserve Fund. <br /> WHEREAS, the City of Everett desires to create a Cum- <br /> ulative Reserve for the purpose of becoming a self-insurer, and <br /> S, there are funds available in the ��^'mploTrees ' <br /> Retirement Fund not required for the payment of obligations due from <br /> the City of Everet'c to the State Employees ' Retirement Fund, and <br /> the Commissioners of the City of Everett desire <br /> to transfer said funds available from said employees ' Retirement <br /> Fund to a Cumulative Reserve Fund for the payment of claims and <br /> judgments against the City of Everett arising out of torts so that <br /> the City of = verett may become a self-insurer of a portion of its <br /> total liabilities, <br /> NO , , !HE CITY 010 EV _,.L_ _ .DO ORDAIN: <br /> Section 1: That a Cumulative Reserve r''und for the pay- <br /> ment of claims and jugments against the City of Everett arising <br /> out of torts be, and the same is hereby created. <br /> Section 2: That all funds now in or hereafter transferr- <br /> ed to the Cumulative Reserve Fund shall be used only for the payment <br /> of claims and jun menus against the City of : verett arising out of <br /> torts and shall be expended for such purpose upon the direction of <br /> the City Council of Lhe City of EEve rett. <br /> Section 3: That all funds now in the Employees ' Retire- <br /> ment Fund not recui red nor, the payment of obligations due from the <br /> City of Everett to the Statemployees ' Retirement Fund be trans- <br /> ferred to the Cumulative Reserve Fund herein created for th.e purpose <br /> of oaying claims and judgments against the City of Everett arising <br /> out of torts. <br /> Section 4: That the Commissioners of the City of Everett <br /> shall from time to time be authorized to transfer to the Cumulative <br /> Reserve Fund such additional funds as shall he budgeted for said <br /> purpose, all to ce used es set forth in this ordinance. <br /> o <br /> zx� <br /> .c/X? <br /> < e. <br /> / City 'l_erk• <br /> Passed: May 10, 1955 <br /> Published: " 11, 1955 <br />