Any member may redeposit in the retirement system, in one sum or in not to exceed twenty-four (24) bi-weekly payments, an amount equal to that which he or she withdrew therefrom at the last termination of his or her membership. If a member upon reentering the retirement system after a termination of his or her membership shall not redeposit at least the accumulated normal contributions so withdrawn by him or her, he or she shall reenter as a new member without credit for any service and the rate of his or her contribution for future years shall be the normal rate provided for in this chapter for his or her age of reentrance. If such member redeposits his or her accumulated contributions, his or her normal rate of contribution for future years shall be based on an age determined by adding the number of completed years of his or her absence from membership, beginning with the earliest termination of his or her membership included in such redeposit, to the age upon which his or her normal rate of contribution, as it was prior to the termination, was based. In that event, city service with which he or she was credited when his or her membership was terminated shall be recredited to him or her, and his or her membership shall be the same as if it were unbroken by termination, beginning with the earliest termination included in such redeposit. (Prior code § 34.11.1106)