HomeMy WebLinkAboutS3-23 Ordinance No. S3-23
AN ORDINANCE
PROVIDING FOR ADDITIONAL FUNDING FOR THE CITY OF ELGIN
POLICE PENSION FUND AND FIREFIGHTER PENSION FUND
WHEREAS, the City Council of the City of Elgin has determined that it is appropriate to
provide additional funding for the City of Elgin Police Pension Fund and the City of Elgin Fire
Pension Fund.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ELGIN:
Section 1. That the City Manager, Richard G. Kozal, be and is hereby authorized and
directed to provide additional funding to the City of Elgin Police Pension Fund by transferring the
amount of One Million Five Hundred Thousand Dollars ($1,500,000) from the City of Elgin
general fund to the City of Elgin Police Pension Fund.
Section 2. That the City Manager, Richard G. Kozal, be and is hereby authorized and
directed to provide additional funding to the City of Elgin Firefighter Pension Fund by transferring
the amount of One Million Five Hundred Thousand Dollars ($1,500,000) from the City of Elgin
general fund to the City of Elgin Firefighter Pension Fund.
Section 3. That the foregoing transfers from the City of Elgin general fund to the City of
Elgin Police Pension Fund and City of Elgin Firefighter's Pension Fund shall be made within thirty
(30)days hereof.
Section 3. This ordinance shall be in full force and effect upon its passage in the manner
provided by law.
C'12
David J. Ka in, Myor
Presented: November 15, 2023
Passed: November 15, 2023
Omnibus Vote: Yeas: 9 Nays: 0
Recorded: November 15, 2023 • F '
Published: November 15, 2023
Attest: - r" •
'Kimberly De .j Cler '