AN ACT ESTABLISHING A GENERAL LIABILITY INSURANCE FUND IN THE CITY OF EVERETT.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Notwithstanding the provisions of any general or
special law to the contrary, the city of Everett may appropriate in each
fiscal year an amount not exceeding one-twentieth of one per cent of its
equalized valuation as defined in section one of chapter forty-four of the
General Laws to establish and maintain a special fund to be known as the
city of Everett's General Liability Insurance Fund; provided, however, that
no such appropriation may be made in any fiscal year when the aggregate
amount in such fund equals or exceeds one per cent of such equalized
valuation. Any interest earned on the amount appropriated to such fund
shall be added to and become part of the fund.
The treasurer of the city of Everett shall be the custodian and
administrator of this fund and may deposit or invest the fund in such
manner as may be lawful under the provisions of section fifty-four of said
chapter forty-four for the investment of municipal trust funds.
The treasurer shall pay from the amount in the fund including the
interest thereon such amounts as the city solicitor determines to
be necessary from time to time to settle claims against the city of Everett
and to cover the costs of defending the city of Everett against such claims
including without limitation the costs of employing legal counsel, court
costs and filing fees. The treasurer shall also pay from the amount in the
fund including the interest thereon such amounts as the mayor determines
are necessary to effect insurance to protect said city against some or all
of such claims. Any amount in the fund which is not paid out by the
treasurer in accordance with this act which remains in the fund at the end
of a fiscal year shall be added to the fund to be paid out by the treasurer
in subsequent years in accordance with this act.
SECTION 2. This act shall take effect upon its passage.