12-5616. Damage reserve fund.
12-5616
12-5616. Damage reserve fund.
(a) The board shall withdraw from the gross receipts of the
authority and
charge to
operating expenses such an amount of money as in the opinion of the board shall
be
sufficient to provide for the adjustment, defense and satisfaction of all
suits, claims,
demands, rights and causes of action and the payment and satisfaction of all
judgments entered against the authority for damage caused by injury to or death
of
any person and for damage to property resulting from the construction,
maintenance
and operation of the riverfront and the board shall deposit such moneys in a
fund to
be known and designated as the damage reserve fund.
(b) The board shall use the moneys in the damage reserve fund to pay all
expenses
and costs arising from the adjustment, defense and satisfaction of all suits,
claims,
demands, rights and causes of action and the payment and satisfaction of all
judgments entered against the authority for damages caused by injury to or
death of
any person and for damage to property resulting from the construction,
maintenance
and operation of the authority. At any time and from time to time the board may
obtain and maintain insurance coverage or protection partially or wholly
insuring or
indemnifying the authority against loss or liability on account of injury to or
death of any person and for damage to property resulting from the construction,
maintenance
and operations of the authority. The cost of obtaining and maintaining such
insurance
shall be paid out of the moneys in the damage reserve fund. All moneys received
from such insurance coverage or protection shall be paid into the damage
reserve
fund.
History: L. 2006, ch. 83, § 16; July 1.