Chapter 3.112
LEOFF I RESERVE FUND

Sections:

3.112.010    Establishment of LEOFF I reserve fund.

3.112.020    Administration of the fund.

3.112.030    Term of the fund.

3.112.040    Investments.

3.112.010 Establishment of LEOFF I reserve fund.

There is hereby created and established a separate fund to be known as the LEOFF I reserve fund or other name as may be determined from time to time. The purpose of the fund is to provide financial administration and accounting control of moneys deposited or transferred into the fund. All moneys and assets assigned to the fund shall be used for the payment of medical premiums and medical expenses for LEOFF I retirees or other costs deemed necessary by council as appropriate. (Ord. 1200 § 1 (part), 2008)

3.112.020 Administration of the fund.

The city administrator or his/her designated representative shall be responsible for the administration of the fund. A simple majority vote of council is needed to approve the fund’s expenditures prior to moneys being disbursed from the fund. (Ord. 1200 § 1 (part), 2008)

3.112.030 Term of the fund.

The fund shall carry over into each ensuing year provided that there are remaining LEOFF I retirees. At such a time as there are no outstanding or potential LEOFF I medical insurance liabilities, all remaining moneys in the fund will revert to the general fund. Neither the employees of the city or their representatives shall have any interest whatsoever in the funds provided, or the administration thereof. (Ord. 1200 § 1 (part), 2008)

3.112.040 Investments.

The finance director is directed to maintain the above referenced fund as provided herein, and to invest the same so as to generate such additional moneys as is reasonably prudent which shall be accrued and paid to the fund. (Ord. 1200 § 1 (part), 2008)