A. The trust fund is hereby established for the purpose of providing the Director with funds to pay the City’s liability claims, special risk claims, workers’ compensation claims and claim costs.

B. The City shall execute a trust agreement that sets forth the specific terms of the trust fund. The City shall cause stop-loss insurance to be required by the trust agreement, to the extent such insurance is commercially available, as determined by the Director.

C. An external auditor designated by the City Manager shall conduct an annual audit of the trust fund. A copy of the audit report shall be kept on file in the office of the City Clerk for a period of not less than five years. (Ord. No. G-5618, 2011; Ord. No. G-5818, 2013)