12-5716. Damage reserve fund.
12-5716
12-5716. 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. 2007, ch. 120, § 16; July 1.