(A) As provided by KRS 90.400, the repeal of this subchapter shall not become effective unless the repealing ordinance is adopted by the unanimous vote of the duly elected members of City Council. If, in the event a repeal ordinance is adopted by the Council, all monies or property belonging to the Pension and Welfare Fund at the time of the repeal, shall be dissolved or liquidated. The Mayor shall appoint a Board of three members from the City Council to act as Trustees in the handling of the dissolution of the Pension and Welfare Fund to be done in the manner set forth in division (B).
(B) Within 60 days of adoption by Council of the repeal ordinance, the Board of Trustees shall proceed with the liquidation of the Pension Fund.
(1) All unexpended monies appropriated to the Pension Fund out of the city’s General Fund to the Pension and Welfare Fund by City Council at the time of adoption of the repeal ordinance, shall revert back to the city’s General Fund. All other unexpended monies or property which has come into the Pension and Welfare Fund shall be liquidated by the Board of Trustees.
(2) Any and all other cash surrender benefits which have resulted from the contribution of all police officers and firefighters, including any and all monies they have received but not yet invested toward additional coverage as provided for under § 35.55(E), shall revert back to the active or retired members of the Pension and Welfare Fund and those dependents who have qualified under this subchapter.
(Ord. 6-1967, passed - -67)
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