§ 254-32. Self-insurance fund.

(a)

The Brevard mosquito control district is hereby authorized to establish an account for the purpose of accumulating a self-insurance fund which may be used to replace or pay the cost of major damage to equipment under the control of said district.

(b)

The board of the Brevard mosquito control district is hereby authorized to determine each year the amount of funds necessary to be deposited in the self-insurance reserve account provided for in subsection (a) and to appropriate said amounts as a reserve for said self-insurance fund in lieu of entering into a contract of insurance on said equipment. Said self-insurance reserve funds shall, to the degree practicable, be placed into a time deposit interest-bearing account or other similar form of interest-bearing investment.

(Laws of Fla. ch. 71-548, §§ 1, 2)