(A) (1) The city is hereby authorized to incur the necessary expenses for the establishment, operation and administration of the system and to appropriate and pay the same.
(2) In addition, the city is hereby authorized to appropriate annually such amounts as are required in addition to employee contributions to maintain the system and the fund in accordance with the provisions of the Defined Contribution Plan.
(B) Any appropriation so made to maintain the system and fund shall be for deferred wages or salaries and for the payment of necessary expenses of operation and administration to be transferred to the trustees of the State Municipal Retirement Fund for such purposes and shall be paid into the fund when available to be duly transferred to the State Municipal Retirement Fund.
(Prior Code, § 2-304) (Am. Ord. 1844, passed 11-16-10; Am. Ord. 1886, passed 12-16-14; Am. Ord. 1902, passed 6-2-15; Am. Ord. 1982, passed 10-7-19; Am. Ord. 1983, passed 10-7-19; Am. Ord. 2020, passed 3-15-22; Am. Ord. 2021, passed 3-15-22)