The Common Council of the City of Medford hereby establishes the following non-lapsing account beginning with the 2020 budget process: health insurance premium.
(A) All monies realized from the savings on health insurance premiums by the City of Medford due to, or arising from, its membership in the Spectrum Employer Business cooperative shall be deposited into the newly created health insurance premium non-lapsing account.
(B) Any withdrawals from the health insurance premium non-lapsing account will require a two-thirds vote of the entire Council.
(Res. 1866, passed 11-5-2019)