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(a) Establishment of Fund. The Retiree Health Benefits Fund is established as a category four fund to receive monies appropriated by the Board of Supervisors or from any other source for the purpose of defraying the cost of the City's financial obligation under Charter Section A8.428 to pay towards health benefits for the City's retired persons, as that term is defined in Section A8.428 ("Retiree Health Benefits").
(b) Use of Fund. The Fund shall be used exclusively to defray the City's obligation to pay towards Retiree Health Benefits.
(c) Administration of Fund. The Controller shall administer the Fund. By June 1st of each fiscal year, the Controller shall report to the Mayor and the Board of Supervisors on the fund balance and interest accumulated over the prior year.
(Added by Ord. 179-07, File No. 070823, App. 8/3/2007)