(A) Purpose. The purpose of this section is to grant to members of the Board of Waterworks and officers of the Louisville Water Company indemnification on claims made against them for their actions or inactions in the good faith performance of their duties as Board members and/or officers of the Company. Furthermore, it is declared that in consideration of the good faith performance by the members of the Board and the officers of the Company of their official duties that this section shall constitute an inviolable employment contract covenant of the Metro Government, the Board of Waterworks and the Louisville Water Company.
(B) Eligibility. All elected or appointed members of the Board of Waterworks and all officers of the Louisville Water Company are eligible for the benefits granted hereinafter.
(C) Benefits.
(1) Persons eligible under subsection (B) above shall be represented by the Jefferson County Attorney’s Office, or by private counsel with the prior written approval of the Jefferson County Attorney, when a claim is made in tort or contract against them as individuals for actions or inactions in the good faith performance of their Board or Company duties, whether suit is or is not pending on the claim at the time, even if the claim arises from matters occurring prior to the passage of this section and even if the claim is not presented until the person has left the position of eligibility.
(2) If a settlement of a claim is made or a judgment is rendered against a person eligible under subsection (B) above, and that person was either represented by the Jefferson County Attorney’s Office or by private counsel with the prior, written approval of the Jefferson County Attorney, that settlement or judgment shall be paid by the Louisville Water Company from funds available to it.
(D) Exemptions. The benefits of this section shall not accrue if the Jefferson County Attorney determines the claim is the result of an act by an eligible person under subsection (B) which was:
(1) Beyond the scope of the employment or the authority of the person;
