[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[1] and the State of New Jersey Department of Fiscal Affairs,
these trust funds may be invested until utilized.
[1]
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N.J.S.A. 40:51-1 and 40:51-4, which sections were repealed by L. 1979,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.
