12-5816.   Same; damage reserve fund.(a) Theboard shall withdraw from the gross receipts of the authority and charge tooperating expenses such an amount of money as in the opinion of the board shallbe sufficient toprovide for the adjustment, defense and satisfaction of all suits, claims,demands, rights and causesof action and the payment and satisfaction of all judgments entered against theauthority for damagecaused by injury to or death of any person and for damage to property resultingfrom theconstruction, maintenance and operation of the riverfront and the board shalldeposit such moneysin 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 payall expenses and costsarising from the adjustment, defense and satisfaction of all suits, claims,demands, rights and causesof action and the payment and satisfaction of all judgments entered against theauthority for damagescaused by injury to or death of any person and for damage to property resultingfrom theconstruction, maintenance and operation of the authority. At any time and fromtime to time theboard may obtain and maintain insurance coverage or protection partially orwholly insuring orindemnifying the authority against loss or liability on account of injury to ordeath of any person andfor damage to property resulting from the construction, maintenance andoperations of the authority.The cost of obtaining and maintaining such insurance shall be paid out of themoneys in the damagereserve fund. All moneys received from such insurance coverage or protectionshall be paid into thedamage reserve fund.

      History:   L. 2008, ch. 85, § 16; July 1.