Section 18-18 Financial integrity of funds.
Prior to the adoption of Ord. 018160 on 07/06/2004, Section 18-18 read as follows.
For so long as this plan shall be maintained, it shall be the duty and
obligation of the city
council to provide funds in an amount necessary to maintain the retirement funds at that level
which according to actuarial evaluation is necessary to make the fund financially sound. Nothing
in this article shall be deemed to alter or amend any benefit accruing under an application made
prior to the effective date hereof under the provisions of the police and firemen's retirement fund,
herein referred to as past fund. Prior to the effective date of the amendment, the finance director
is hereby instructed to obtain a certified copy of the provisions of Article III, Chapter 9 of the
1964 City Code and Chapter 18 of the Code of Ordinances governing the past fund, the police
and firemen's retirement fund. Such a copy is to be maintained in the finance director's office and
will govern all appeals and requests with respect to the past fund.The city council shall
the necessary funds to make the police retirement plan and the firefighters retirement plan
actuarially and financially sound for as long as the plans are maintained.
(Code 1964, § 9.1650; Ord. No. 12868, § 1, 2-4-91)