INTRODUCTION

MIDDLESEX COUNTY MUNICIPAL JOINT INSURANCE FUND
WHEREAS; Public Law 1983, c. 372 (N.J.S.A. 40A:10-36 et seq) permits local units to join together to form a joint insurance fund; and

WHEREAS; Said statute was designed to give local units an opportunity to use alternative risk management techniques, providing they are based on sound actuarial principles; and

NOW THEREFORE, in consideration of the premises and in order to create said fund to be known as the Middlesex County Municipal Joint Insurance Fund, hereinafter called the "Fund", it is mutually understood and agreed as follows that it is the purpose and intent of these bylaws to incorporate the statutory responsibilities and requirements governing joint insurance funds, and to the extent that there is a statutory or regulatory requirement not specifically set forth in these bylaws, it is the intent of these bylaws to incorporate by reference in these bylaws the requirements set forth in N.J.S.A. 40A:10-36 et seq and N.J.A.C. 11:15-2.1 et seq, as same may be amended from time to time.

The following public entities agreed to form said joint insurance fund effective August 6, 1986:

WHEREAS; Revisions to said statute and the regulations promulgated by the Department pursuant thereto require the Fund to revise its existing bylaws.