§ 128.310. Emergency assessments.

In the event of catastrophic losses which are of a magnitude that threaten the integrity and financial soundness of the Self-Insurance Program, and if it is determined by the Risk Manager that the resources of the Self-Insurance Operating Reserve are insufficient to allow for the deferral of the Self-Insurance Program's current debts and obligations to succeeding fiscal years, the Director shall have the right, with the concurrence of the Mayor, to authorize an emergency assessment to be assessed against each Participant. Such emergency assessment shall be approved by the City Council prior to such assessment. The Director, in his or her sole discretion, may apply payment from the Participant's Retained Earnings account to satisfy any or all of the emergency assessment.

(Ord. 2018-380-E , § 2)