63G-7-703 - Reserve funds for payment of claims or purchase of insurance created by political subdivisions.
63G-7-703. Reserve funds for payment of claims or purchase of insurance createdby political subdivisions.
Any political subdivision may create and maintain a reserve fund or, may jointly with oneor more other political subdivisions, make contributions to a joint reserve fund, for the purposeof:
(1) making payment of claims against the cooperating subdivisions when they becomepayable under this chapter; or
(2) for the purpose of purchasing liability insurance to protect the cooperatingsubdivisions from any or all risks created by this chapter.
Renumbered and Amended by Chapter 382, 2008 General Session