S6-14 Ordinance No. S6-14
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, Sean R. Stegall, be and is hereby authorized and
directed to provide additional funding to the City of Elgin Police Pension Fund by transferring
the total amount of Seven Million Five Hundred Thousand Dollars ($7,500,000) from the City of
Elgin general fund reserves to the City of Elgin Police Pension Fund. Five Million Dollars
($5,000,000) of the foregoing transfer from the City of Elgin general fund reserves to the City of
Elgin Police Pension Fund shall be made within thirty (30) days hereof and such payment shall
be included within a budget amendment for the 2014 budget to be hereinafter presented to the
city council. Two Million Five Hundred Thousand Dollars ($2,500,000) of the foregoing
transfer from the City of Elgin general fund reserves to the City of Elgin Police Pension Fund
shall be made within sixty (60) days hereof.
Section 2. That the City Manager, Sean R. Stegall, be and is hereby authorized and
directed to provide additional funding to the City of Elgin Firefighter Pension Fund by
transferring the amount of Two Million Five Hundred Thousand Dollars ($2,500,000) from the
City of Elgin general fund reserves to the City of Elgin Firefighter Pension Fund. The foregoing
transfer from the City of Elgin general fund reserves to the City of Elgin Firefighter Pension
Fund shall be made within sixty(60) days hereof.
Section 3. This ordinance shall be in full force and effect upon its passage in the
manner provided by law.
s/David J. Kaptain
David J. Kaptain, Mayor
Presented: December 17, 2014
Passed: December 17, 2014
Vote: Yeas: 9 Nays: 0
Recorded: December 17, 2014
Published: December 19, 2014
Attest:
s/Kimberly Dewis
Kimberly Dewis, City Clerk