(a) There is hereby established a Sick Leave Conversion Fund, and such Fund shall be established retroactive to December 1, 1986.
(b) The purpose of the Fund shall be for the charging of sick leave conversion by retiring employees subsequent to December 1, 1986.
(c) The Fund shall be invested and all interest earned on the investment of the Fund balance shall accrue to the Fund.
(d) The Finance Director is hereby authorized and directed to establish the Fund in accordance with law.
(e) Council, where appropriate, and upon the vote of five members, shall have the authority to transfer funds from the Sick Leave Conversion Fund in the event of emergency need for money to operate the City through its General Fund. The Fund shall be reimbursed by the City when its General Fund is in a surplus condition in order to continue to fund the Sick Leave Conversion Fund established herein.
(Ord. 4062. Passed 5-3-88.)