As part of this subchapter, the borough agrees that the System shall provide the benefits set forth in the agreement between the Board and this borough, dated August 2, 2004. The passage and adoption of this subchapter by the borough is an official acceptance of said agreement and the financial obligations resulting from the administration of said benefit package. The borough hereby assumes all liability for any unfundedness created or which may be created due to the acceptance of the benefit structure outlined in the above-referenced agreement.
(Prior Code, Ch. 1, § 1-705) (Ord. 8-2004, passed 8-2-2004)