123.13 SICK LEAVE RESERVE FUND.

   (a)   There is hereby created a fund to be known as the Sick Leave Reserve Fund within the City. The purpose of such Fund shall be for the accumulation of funds to meet the future liabilities in paying qualified City employees for accumulated but unused sick leave at the time of their retirement from City employment in accordance with the applicable provisions of their current pay benefits ordinance or negotiated labor agreement.

   (b)   The Sick Leave Reserve Fund shall be funded each year from the General Fund in an amount to be determined by the Mayor and Council with the recommendation of the Director of Finance. The Mayor and Council may, from time-to-time, retain the services of an actuary to determine the basis of such funding when the same is deemed necessary.

   (c)   The Sick Leave Reserve Fund shall be deposited in a separate bank account with all interest earned thereon credited to such account.

   (d)   The Director of Finance is hereby authorized and directed to make application to the Bureau of Inspection of the State of Ohio for approval of the creation of the Sick Leave Reserve Fund pursuant to Ohio R.C. 5705.12.

(Ord. 9-1986. Passed 3-11-86.)