HomeMy WebLinkAboutS4-20Ordinance No. S4-20
M 0 C ITONN
PROVIDING FOR ADVANCE FUNDING FOR THE CITY OF ELGIN
POLICE PENSION FUND AND CITY OF ELGIN FIREFIGHTER PENSION FUND
WHEREAS, the City Council of the City of Elgin has determined that it is appropriate to
provide advance funding for a portion of the City of Elgin's payments to the City of Elgin Police
Pension Fund and the City of Elgin Firefighter's Pension Fund for fiscal year 2 02 1.
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 advance funding for a portion of the City of Elgin's payment to the City of
Elgin Police Pension Fund for fiscal year 2021 by transferring the total amount of Two Million
Seven Hundred Thirty -Three Thousand Three Hundred and Thirty Dollars ($2,733,330) from the
City of Elgin's general fund revenues 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 advance funding for a portion of the City of Elgin's payment to the City of
Elgin Firefighter Pension Fund for fiscal year 2021 by transferring the amount of Two Million Six
Hundred Sixty- Nine Thousand Seven Hundred and Forty Dollars ($2,669,740) from the City of
,Elgin's general fund revenues to the City of Elgin Firefighter Pension Fund.
Section 3. That the foregoing transfers from the City of Elgin general fund revenues to
the City of Elgin Police Pension Fund and City of Elgin Firefighter's Pension Fund shall be made
within thirty (30) days hereof and such payments shall be included within a budget amendment for
the 2020 budget to be hereinafter presented to the City Council.
Section 4. This ordinance shall be in full force and effect upon its passage in the manner
provided by law.
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David ap yor
Presented: December 16, 2020
Passed: December 16, 2020
Vote: Yeas: 9 Nays: 0
Recorded: December 16, 2020
Published: December 17, 2020
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