VOTED: that the Town, acting under the provisions of Article 89 of the Amendments of the Constitution of the Commonwealth of Massachusetts , commonly called the Home Rule Amendment, adopt the following bylaw establishing an Insurance Reserve Fund in the Town of Concord .
Section 1.
The Town of Concord hereby establishes in the Town Treasury an individual revolving fund, hereinafter called the “Insurance Reserve Fund.” The Insurance Reserve Fund shall be kept separate from any other monies or funds of the Town and shall be expended only for the purposes stated below.
Section 2.
The Insurance Reserve Fund may be used by the Town Manager to pay the cost for insurance policies and employee insurance benefits paid for by the Town and also to pay the Town’s retained portion of an insured loss.
Section 3.
The fund shall be credited with such sums as may be appropriated to it by a Town Meeting, and shall also be credited with premium refunds or experience credits received by the Town. Funds received by the Town in payment of an insured loss will be credited to the general funds of the Town.
Section 4.
The Town Accountant is authorized to transfer to the fund as of June 30th in any year including fiscal year 1987 the unexpended balance of any appropriation for insurance purposes.
Section 5.
This bylaw shall take effect upon its acceptance by a majority vote of the qualified voters of the Town present and voting thereon at an annual or a special Town Meeting called for the purpose.
Article 22, Town Meeting, April 1987
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