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As provided in the Funding Act, all sums appropriated to the fund shall be appropriated and used only for the purpose of offsetting the anticipated future cost of funding the contributory retirement systems of the city. Separate sub-accounts shall be maintained in the fund for each Department for which appropriations have been specially designated and the Collector-Treasurer shall maintain all monies so specially designated in the sub-account established therefor. The Collector-Treasurer shall maintain all other monies appropriated hereunder in a general account within the fund.
(Ord. 1984 c. 1; CBC 1985 5-6.3)
The Collector-Treasurer may enter into one or more custodial arrangements for safekeeping and investment, in whole or in part, of the fund with one or more banks or trust companies the principal Offices of which are located in the city. Amounts in the fund shall be deposited and invested, at the direction of the Collector-Treasurer, as provided in the Pension Act and the Funding Act. Interest and other investment earnings on any amounts appropriated to the fund shall be credited to the account or sub-account within the fund on which they are earned.
(Ord. 1984 c. 1; CBC 1985 5-6.4)
Amounts appropriated to the fund in accordance with this Section, and interest and other income thereon, may be applied in any fiscal year, upon appropriation, to offset amounts certified by the Board of the system under the Pension Act, or any successor provision of law, as necessary to be paid for such fiscal year to the funds of the system; provided that no such appropriation from the fund or any account therein shall exceed the amount, certified by the Collector-Treasurer upon the advice of the City Auditor, of the pension liability for which the amount to be so appropriated was reserved.
(Ord. 1984 c. 1; CBC 1985 5-6.5)
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