HomeMy WebLinkAboutS5-19 Ordinance No. S5-19
AN ORDINANCE
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 2020.
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 2020 by transferring the total amount of Two Million
Dollars ($2,000,000) from the City of Elgin's general fund reserves 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 2020 by transferring the amount of Two Million
Dollars ($2,000,000) from the City of Elgin's general fund reserves to the City of Elvin
Firefighter Pension Fund.
Section .3. That the foregoing transfers from the City of Elgin general fund reserves 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 2019 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.
David J. Kap , MAor
Presented: September 11, 2019
Passed: September 11, 2019
Omnibus Vote: Yeas: 9 Nays: 0
Recorded: September 11, 2019 : `
Published: September 13, 2019
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Attest: WEI
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Kimberly Dewis, I Clerk t- .