§ 10-3. City Property Insurance Fund — uses; appropriations.

(a) Uses of Fund.

(1) The "City Property Insurance Fund" created by Ordinance 408 (1913-14) shall be used to defray the cost of repair or replacement of any real or personal property owned by or in the custody of the Mayor and City Council of Baltimore.

(2) The Comptroller may determine the property and perils to be covered by this Fund and promulgate rules and regulations governing payments from this Fund. Such rules and regulations shall be in accord with the provisions of § 10-5 of this subtitle, but may amplify and extend the basic principles as set forth in that section.

(b) Annual appropriations.

(1) There shall be appropriated annually to this Fund a sum equal to estimated losses payable from the Fund during the next fiscal year, but not less than the average aggregate annual losses paid from this Fund during the latest 5-year period, and in any event not less than $100,000, this sum to be provided for annually in the annual Ordinance of Estimates for each year.

(2) The appropriation shall continue until the accumulations and earnings therefrom, less expenditures or disbursements therefrom as may be made as hereinafter provided, amount to $2,700,000, at which time the appropriations and further addition of earnings of the Fund shall cease; and appropriations and the further addition of earnings shall begin again and continue to be made as herein provided if the Fund becomes depleted below this amount.

(3) Whenever the amount in the Fund exceeds this $2,700,000 maximum, the excess shall be promptly transferred to the General Funds of the City.

(4) The appropriations as made shall be paid by the Comptroller to the Board of Finance, to be held and invested by the Board of Finance as hereinafter directed.