(A) There is established in the City of Mt. Vernon, Indiana a fund entitled the “Insurance Premium and Deferred Compensation Deposit Fund.”
(B) All insurance premiums and deferred compensation payments paid by an individual or group which represent premiums of payments paid by a method other than being withheld from income or wages paid by the City of Mt. Vernon, shall be receipted into the Insurance Premium and Deferred Compensation Deposit Fund.
(C) The Clerk-Treasurer is authorized to make expenditures from this Fund for the purpose of paying the insurance premium or making deferred compensation payments on behalf of the individual or group making the premium or deferred compensation payment to the city.
(D) This Fund shall be a continuing fund and all monies receipted into the Fund shall be expended for the purposes set forth in division (C) of this section. Any balance remaining in the Fund at the end of the year shall not revert to the General Fund, but shall remain in the Insurance Premium and Deferred Compensation Deposit Fund to be expended for the purposes set forth in division (C) of this section.
(E) This Fund shall continue until terminated by ordinance. In the event the Fund is terminated, any balance in the Fund shall be applied first to outstanding premiums then due and owing for an individual or group as their interest may appear and if not so applied, then shall be refunded to the individual or group who submitted payment and which payment has not been applied to insurance premiums or deferred compensation payments.
(Ord. 97-02, passed 1-13-97)