Chapter 3.28 — RETIREMENT AND SOCIAL SECURITY FUND

To effectuate the provisions of the City Charter, relating to City employee retirement and Social Security benefits, there is created and established a revolving fund to be known as the retirement and Social Security fund, the moneys of which shall not be subject to transfer at the close of a fiscal year, but shall be maintained on a continuing basis from year to year.

(Ord. C-5437 § 1 (part), 1978: prior code § 2615)

The City Council shall annually levy and cause to be collected taxes on all taxable property in the City sufficient to provide funds in amounts necessary to discharge the City's obligations to its employees created by the electorate by the adoption of the provisions of the City Charter. All money so collected shall be deposited in the retirement and Social Security fund. All interest earned on investment of money in the fund shall be credited to the fund.

(Ord. C-5437 § 1 (part), 1978: prior code § 2615.1)

The money deposited in the retirement and Social Security fund shall be used for the redemption and discharge of the City's indebtedness and obligation to its employees, their spouses and beneficiaries relating to prior service benefits set forth in the City Charter, the Social Security Act contributions set forth in the City Charter and the indebtedness and obligations under the City's police and fire retirement system set forth in the City Charter. Money in this fund may be used to pay all costs and expenses relating to the redemption and discharge of the indebtedness and obligation referred to in this Section and may be transferred to other funds to effectuate payment of such indebtedness and obligations.

(Ord. C-5437 § 1 (part), 1978: prior code § 2615.2)