Los Angeles Municipal Code Art. 3 Deductions for U.S. Savings Bonds

Any officer or employee of the City of Los Angeles, as well as an annuitant as heretofore defined in Section 4.203(a) hereof, may authorize the purchase, by the City Treasurer, from trust funds derived through voluntary 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, employee, or annuitant.

The authorization for such deduction shall be in such form as the City Controller may determine, shall be signed by the officer, employee, or annuitant, and delivered to the City Controller and, thereafter, and until revoked or cancelled by such officer, employee or annuitant, shall be effective as to each and every pay period. Each pay period upon which any deductions are made as authorized herein shall be accompanied by a check or demand upon the General Payroll/Reimbursement Fund or the Retirement or Pension Fund against which such payroll, retirement or pension roll is issued in favor of the “Employees’ Savings Bonds Trust Fund” hereinafter established by this article.

SECTION HISTORY

Based on Ord. No. 85,979. Amended by: Ord. No. 144,546, Eff. 5-3-73.

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. The Controller shall deliver to the City Treasurer the checks or demands drawn in favor of said trust fund as provided in Section 4.209 hereof.

SECTION HISTORY

Based on Ord. No. 85,979. Amended by: Ord. No. 144,546, Eff. 5-3-73.

The payment to any officer or employee of a payroll check or demand or the payment to an annuitant of a retirement check equal to the difference between the salary earned or the retirement allowance due and the deductions made pursuant to this article, shall constitute a full and complete discharge and acquittance of all claims and demands whatever for the services rendered by such employee during the period covered by such payroll check or demand or for the payment of the total retirement allowance due such annuitant during the period for which such retirement check is paid.

SECTION HISTORY

Based on Ord. No. 85,979. Amended by: Ord. No. 144,546, Eff. 5-3-73.

That a trust to be designated as “Employees’ Savings Bond Trust Fund” is hereby created and established and the City Treasurer shall administer the same in accordance with the provisions hereof. It shall be the City Treasurer’s duty to receive all separate amounts deducted from payrolls, pension or retirement rolls, as herein provided and place the same in the trust fund hereby established. The Controller shall keep separate accounts showing the amounts which accumulate in the name and to the credit of each officer, employee, or annuitant authorizing such deduction. Whenever there shall accumulate to the credit of any such officer, employee or annuitant an amount of money in their respective accounts sufficient for the purchase of a United States Savings Bond or Bonds or similar United States obligations, as authorized by such officer, employee or annuitant, the Controller shall forthwith notify the City Treasurer of such fact and the City Treasurer shall forthwith purchase and issue to such officer, employee or annuitant, or to their duly authorized representative, a bond or bonds, or other United States obligations so purchased by the City Treasurer in their behalf. Before delivering any of the bonds so purchased the City Treasurer shall require each such officer, employee or annuitant, or their duly authorized representatives, to execute proper instruments evidencing the issuance and delivery of such bonds or similar United States obligations.

In the event of the termination of service or employment or the occurrence of any other conditions provided for in Section 4.213 hereof, the Controller shall furnish the City Treasurer with the amount then standing to the credit of the annuitant, or the officer or employee whose service or employment is being terminated.

SECTION HISTORY

Based on Ord. No. 85,979. Amended by: Ord. No. 144,546, Eff. 5-3-73.

In the event that any officer’s or employee’s term of service or employment with the city terminates or the occurrence of the demise of an annuitant before the amount of the officer’s or employee’s authorized deductions has accumulated in the officer’s or employee’s account to an amount sufficient to purchase the bond or bonds, or in the event any such deduction is revoked or cancelled, a demand shall be drawn upon such fund for the amount then standing to the credit of said officer, employee, or annuitant to be delivered to the officer, employee, or annuitant or the executor or administrator of the estate of such deceased person, or to any other person legally authorized to receive property due said decedent, upon the closing of said account.

SECTION HISTORY

Based on Ord. No. 85,979. Amended by Ord. No. 116,527; Ord. No. 144,546, Eff. 5-3-73.

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

SECTION HISTORY

Based on Ord. No. 85,979.