1. 
The City Commission may insure property of the city as authorized by Oklahoma Statutes, 1991, Title 19, Section 627. Any money received as a result of destruction, damages or loss of such insured property shall be accounted for and used as provided by said Section 627.
2. 
The City Commission may purchase insurance to pay to persons sustaining injuries or damages to property as a result of negligent operation of motor vehicle or motorized equipment of the city, as authorized by Oklahoma Statutes, 1991, Title 51, Section 167.