32-12.1-08. Political subdivision risk funding.
105 words·~1 min read·
/nd/title-32/chapter-32-12-1-governmental-liability/32-12-1-08·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. A political subdivision may provide funding from revenue derived from its general fund
tax levy as determined by the governing body to be necessary for risk financing
purposes.
2. Any unobligated balance in a political subdivision insurance reserve fund must be
transferred to the political subdivision's general fund and the insurance reserve fund
must be closed out by December 31, 2015. The general fund of the political
subdivision may be used for risk financing purposes and the payment of claims against
the political subdivision which have been settled or compromised, judgments rendered
against the political subdivision, or costs incurred in the defense of claims.