12-5716.   Damage reserve fund.(a) The board shall withdraw from the gross receipts of theauthority and charge to operating expenses such an amount of money asin the opinion of the board shall be sufficient to provide for the adjustment,defense and satisfaction of all suits, claims, demands, rights andcauses of action and the payment and satisfaction of all judgments enteredagainst the authority for damage caused by injury to or death of anyperson and for damage to property resulting from the construction, maintenanceand operation of the riverfront and the board shall deposit suchmoneys in a fund to be known and designated as the damage reservefund.

      (b)   The board shall use the moneys in the damage reserve fund topay all expenses and costs arising from the adjustment, defense andsatisfaction of all suits, claims, demands, rights and causes of action and thepayment and satisfaction of all judgments entered against the authorityfor damages caused by injury to or death of any person and for damageto property resulting from the construction, maintenance and operationof the authority. At any time and from time to time the board may obtainand maintain insurance coverage or protection partially or wholly insuringor indemnifying the authority against loss or liability on account of injuryto or death of any person and for damage to property resulting from theconstruction, maintenance and operations of the authority. The cost ofobtaining and maintaining such insurance shall be paid out of the moneysin the damage reserve fund. All moneys received from such insurancecoverage or protection shall be paid into the damage reserve fund.

      History:   L. 2007, ch. 120, § 16; July 1.