Section 63G-7-703 - Reserve funds for payment of claims or purchase of insurance created by political subdivisionsAny political subdivision may create and maintain a reserve fund or, may jointly with one or more other political subdivisions, make contributions to a joint reserve fund, for the purpose of:
(1) making payment of claims against the cooperating subdivisions when they become payable under this chapter; or(2) for the purpose of purchasing liability insurance to protect the cooperating subdivisions from any or all risks created by this chapter.Renumbered and Amended by Chapter 382, 2008 General Session.