(a) Effective January 1, 2018, there is hereby established a special revenue fund for the purpose of accumulating resources for the payment of accumulated sick leave and vacation leave upon the termination of employment or retirement of officers and employees of the Village. The fund may also accumulate resources for the payment of salaries during any fiscal year when the number of pay periods exceeds the usual and customary number of pay periods.
(b) The Fiscal Officer is hereby authorized and directed to transfer or place up to fifteen thousand dollars ($15,000.00) each year from the Village's available funds to the new special revenue fund established hereunder. This authorization is for each calendar/fiscal year from 2018 through 2022, at which time no new additional monies shall be placed in the reserve unless Village Council re-authorizes the fund. (Ord. 2017-12-19. Passed 2-12-17.)