That a trust to be designated as “Employees’ Savings Bond Trust Fund” is hereby created and established and the City Treasurer shall administer the same in accordance with the provisions hereof. It shall be his duty to receive all separate amounts deducted from payrolls, pension or retirement rolls, as herein provided and place the same in the trust fund hereby established. The Controller shall keep separate accounts showing the amounts which accumulate in the name and to the credit of each officer, employee, or annuitant authorizing such deduction. Whenever there shall accumulate to the credit of any such officer, employee or annuitant an amount of money in their respective accounts sufficient for the purchase of a United States Savings Bond or Bonds or similar United States obligations, as authorized by such officer, employee or annuitant, the Controller shall forthwith notify the City Treasurer of such fact and the City Treasurer shall forthwith purchase and issue to such officer, employee or annuitant, or to their duly authorized representative, a bond or bonds, or other United States obligations so purchased by him in their behalf. Before delivering any of the bonds so purchased the City Treasurer shall require each such officer, employee or annuitant, or their duly authorized representatives, to execute proper instruments evidencing the issuance and delivery of such bonds or similar United States obligations.
In the event of the termination of service or employment or the occurrence of any other conditions provided for in Section 4.213 hereof, the Controller shall furnish the City Treasurer with the amount then standing to the credit of the annuitant, or the officer or employee whose service or employment is being terminated.
SECTION HISTORY
Based on Ord. No. 85,979.
Amended by: Ord. No. 144,546, Eff. 5-3-73.