(a) It is hereby the policy of the Village that any cash value accumulated in the life insurance benefit provided by the Village to its employee shall be owned by the Village until such time as the employee is no longer employed by the Village.
(b) There shall be no loan availability on the cash value of the policy to the employee while the Village employee is still employed by the Village.
(Ord. 2011-15. Passed 10-20-11.)