[HISTORY: Adopted by the Borough Council of the Borough of Paramus as indicated in article histories. Amendments noted where applicable.]
[Adopted 5-12-1977 by Ord. No. 77-15]
The Borough of Paramus shall establish a Self-Insurance Fund for the purpose of paying for damage to any vehicles owned by the Borough resulting from accident, fire or theft or other damage commonly insured under the description "comprehensive fire and theft or collision," but excluding routine maintenance to vehicles. The fund hereby established shall be budgeted annually and held in trust and dedicated exclusively to the aforesaid use.
In the event that the funds held within this trust are not utilized during a current fiscal year, such trust funds may be held and carried forward into ensuing fiscal years.
It is the intent of the Borough to continue contributions to the Self-Insurance Fund on an annual basis in such amounts as may be recommended by the consultants to the Borough and as authorized by the Mayor and Council. By authority granted under the above statutes and the State of New Jersey Department of Fiscal Affairs, these trust funds may be invested until utilized.
Editor's Note: The statutes referenced are N.J.S.A. 40:51-1 and 40:51-4, which sections were repealed by L. 1979, c. 230. For current provisions, see N.J.S.A. 40A:10-1, 40A:10-6 and 40A:10-7.