The Pension Fund shall be financed from the Waterworks Fund of the City from water revenues at a rate as will after crediting the amount of the contributions received during such year from the members of the Waterworks Pension Fund, provide funds equal to the sum of (a) the full amount of estimated expenditures of the Board of Trustees, and (b) an additional amount equal to ten percent (10%) of such estimated expenditures, such ten percent (10%) amount to be taken, accumulated and invested, if possible, as surplus reserves. Provided, that in no event shall such an assessment be less than one quarter percent (1/4%) or more than two percent (2%) of water revenues and provided that in the event that the funds derived above are not sufficient to meet the annual expenditures and the surplus reserves for any fiscal year do not contain a sufficient balance to maintain full retirement benefits for that fiscal year, the Waterworks Fund of the City shall for that fiscal year provide an amount not to exceed an additional two percent (2%) of water revenues of the Waterworks Fund. In the event that the Waterworks Fund is required to deposit an amount in excess of two percent (2%) of water revenues, the Waterworks Fund shall assess and collect for only that fiscal year from any member an additional one percent (1%) of the actual salary or compensation for each one percent (1%) the Waterworks Fund contributes in excess of the estimated expenditures which shall become a required part of the Pension Fund to which the members belong.
The Waterworks Pension Fund is hereby authorized to take by gift, grant, devise, or bequest, any money or real or personal property, upon such terms as to the investment and expenditures thereof, as may be fixed by the grantor are determined by the Trustees.
In addition to all other sums provided for the Pension Fund in this section, it shall be the duty of the City to assess end collect from each member of the Waterworks Pension Fund each month, the sum of seven percent (7%) of the actual salary or compensation of such member, and the amount so collected shall become a regular pert of the Waterworks Pension Fund.
Waterworks Fund contributions shall be deposited in the Waterworks Pension Fund assets on at least a quarterly basis and any revenues from any source which are specifically collected for the purpose of allocation for deposit into such Fund shall be so deposited within thirty days of receipt by the City.
(Ord. 0-355. Passed 12-11-84.)