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C' F 3 ' <br /> • <br /> • <br /> • <br /> 1 ORDINANCE NO. 5 3 - 7 <br /> 2 <br /> AN ORDINANCE creating a special fund entitled "Workers' Compensation <br /> 3 Self-Insurance Fund;" specifying the purpose of such fund, the source <br /> of revenue and providing for expenditures therefrom. <br /> 4 <br /> 5 <br /> 6 WHEREAS, the Legislature of the State of Washington passed a bill in 1971 <br /> 7 allowing municipal governments to become self-insurers for the purpose of fulfilling the <br /> 8 obligations of the State Industrial Insurance Act; and <br /> 9 WHEREAS, pursuant to Chapter 51.14 of the Revised Code of Washington, the <br /> 10 City of Everett qualified to become a self-insurer; and <br /> 11 WHEREAS, on June 21, 1978, the Everett City Council passed Resolution No. <br /> 12 1477 which directed the Mayor of the City of Everett to institute a program of self- <br /> 13 insurance; and <br /> 14 WHEREAS, the Washington Administrative Code (WAC 296-15) requires that a <br /> 15 fund be established for the purpose of disbursing payments for Workman's Compensation <br /> 16 benefits; and <br /> 17 WHEREAS, WAC 296-15 requires that a reserve account be established for the <br /> 18 purpose of giving added assurance that unexpected or unusual large claims arising under <br /> 19 the Industrial Insurance Act will be paid; and <br /> 20 WHEREAS, WAC 296-15 requires that some form of security be posted to insure <br /> 21 the continuing operation of the City and to satisfy the law as it regulates self-insurers; <br /> 22 NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> 23 Section 1: That a special fund is hereby created to be known as Workers' <br /> 24 Compensation Self-Insurance Fund No. 503. The purpose of said fund is to provide a <br /> 25 means of disbursing payments for workers' compensation benefits resulting from injuries <br /> 26 on the job, effective July 1, 1978. <br /> 27 Section 2: Money shall be deposited in the Workers' Compensation Self- <br /> 28 Insurance Fund starting July 1, 1978, based on the State of Washington industrial <br /> 29 insurance rates and the employer's portion of the medical aid rate for each <br /> 30 classification. This money was budgeted in 1978 in each operating fund for wage and <br /> 31 <br /> 32 <br />