12-5816. Same; damage reserve fund.
12-5816
12-5816. Same; 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. 2008, ch. 85, § 16; July 1.