Compton Municipal Code § 4-3 Employees Savings Bonds Trust Fund

[Ord. #856, § 2540]

Any officer or employee of the City may authorize the purchase, by the City Treasurer, from trust funds derived through voluntary pay roll deductions, of United States Savings Bonds or similar United States obligations, on behalf of and to the credit and for the issuance to such officer or employee.

The authorization for such pay roll deduction shall be in such form as the City Controller may determine, shall be signed by the officer or employee and delivered to the City Controller and thereafter, and until revoked or cancelled by such officer or employee, shall be effective as to each and every pay roll. Each pay roll upon which any deductions are made as authorized herein shall be accompanied by a check or demand upon the Salary Account against which such pay roll is issued in favor of the "Employees Defense Bonds Trust Fund" established by this section.

[Ord. #856, § 2540.1]

The board, officer or employee having the management or control of any department or office is hereby authorized and directed, when notified so to do by the Controller, to make or cause to be made deductions from the salary of any officer or employee for the payment into the trust fund of the amounts authorized by the officer or employee to be deducted for the purchase of the bonds referred to in the preceding section.

[Ord. #856, § 2541]

The controller shall perform such duties as may be necessary in the handling of such deductions and shall perform any allied clerical work pertaining thereto. He shall deliver to the City Treasurer the checks or demands drawn in favor of the trust fund under the provision of this section.

[Ord. #856, § 2542]

The payment to any officer or employee of a pay roll check or demand equal to the difference between the salary earned and the deductions made pursuant to this section, shall constitute a full and complete discharge and acquittance of all claims and demands whatever for the service rendered by such employee during the period covered by such pay roll check or demand.

[Ord. #856, § 2543]

A trust to be designated as "Employees Savings Bonds Trust Fund" is hereby created and established and the City Treasurer shall administer the same in accordance with the provisions of this section. It shall be his duty to receive all amounts deducted from pay rolls as herein provided and place the same in the trust fund hereby established and to keep separate accounts showing the amounts which accumulate in the name and to the credit of each officer or employee authorizing such pay roll deductions. Whenever there shall accumulate to the credit of any such officer or employee an amount of money in his respective account sufficient for the purchase of a United States Savings Bond or bonds, or similar United States obligations as authorized by such officer or employee, the City Treasurer shall forthwith purchase and issue to such officer or employee, or to his duly authorized representative, a bond or bonds or other United States obligations so purchased by him in his behalf. Before delivering any of the bonds so purchased, the City Treasurer shall require each such officer or employee, or his duly authorized representative, to execute proper instruments evidencing the issuance and delivery of such bonds or similar United States obligations.

[Ord. #856, § 2544]

In the event any officer's or employee's term of service or employment with the City terminates before the amount of his authorized deductions has accumulated in his account to an amount sufficient to purchase the bond or bonds, or in the event of any such payroll deduction is revoked or canceled, a demand shall be drawn upon such fund for the amount then standing to the credit of such officer or employee, and such amount shall be delivered to him upon the closing of such account.