§ 1715. INSURANCE.

In order to enable the City to be self-insured, the City Council shall create a separate fund, to be known as the "Insurance Fund." The City Council shall, from time to time, appropriate to said fund a sum which shall be used to meet losses of buildings or other property through destruction or damage from any cause, and losses through liability for injuries to persons or property which the City may sustain. Such fund shall be a continuing fund, the principal and accrued interest of which shall be used only for the payment of such losses and liabilities. In a like manner, the body having control of the funds of any public utility operated by the City may annually set aside from the income derived from the public utility of which said body has control, a similar fund to be used only to meet such losses to the property of such utility or the payment of liability through the operation of such utility.