(a) There is hereby created a fund to be known as the "Employee Termination Pay Fund”. Funds received by the City as a result of ordinances depositing sums into said special account and/or as a result of revenue derived from the “Pay-for-Stay-Program” together with all other funds approved by Council shall be paid into this Fund.
(b) Expenditures shall be made from the Employee Termination Pay Fund to pay accumulated leave benefits due when a full-time employee of Willoughby Hills is eligible to retire.
(c) The Director of Finance is hereby authorized and directed to make application to the Bureau of Inspection of the State of Ohio for approval of the creation of the "Employee Termination Pay Fund” pursuant to the provisions of the Ohio R.C. 5705.12.
(Ord. 2002-38. Passed 3-14-02.)