S6-13 Ordinance No. S6-13
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's Chief Financial Officer, Colleen Lavery, be and is hereby
authorized and directed to provide additional funding to the City of Elgin Police Pension Fund
by transferring the 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's Chief Financial Officer, Colleen Lavery, be and is hereby
authorized and directed to provide additional funding to the City of Elgin Firefighter Pension
Fund by transferring the amount of Five Hundred Thousand Dollars ($500,000) from the City of
Elgin's general fund reserves to the City of Elgin 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 Firefighter's Pension Fund shall be made within thirty
(30) days hereof and such payments shall be included within a budget amendment for the 2013
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.
j L, 49vz
David J. Ka ain, NWyor
Presented: August 14, 2013
Passed: August 14, 2013
Omnibus Vote: Yeas: 8 Nays: 0
Recorded: August 14, 2013 `
Published: August 16, 2013
Attest: r '�
Kimberly Dewis, ity Clerk