(A) There is established on the books of the town a trust fund to be known as the Law Enforcement Officers' Special Separation Allowance Trust Fund.
(B) The purpose of this trust fund is to receive monies appropriated by the Board of Aldermen to fund the law enforcement officers' special separation allowance benefit as required by G.S. § 143-166.42 and to be a source of payment of special monthly separation allowances to former law enforcement officers who have retired from employment with the town and who meet the qualifying requirements of G.S. § 143-166.41 for receipt of payments of the special separation allowance.
(C) The Board of Aldermen shall appropriate monies to the trust fund as needed to assure that sufficient assets will exist and remain available to pay future benefits when due. The Town Manager shall obtain actuarial evaluations of the status of the trust fund as necessary to assure adequate appropriations to the trust fund to maintain its actuarial soundness.
(D) The Finance Officer shall be and hereby is directed to invest the monies in the trust fund in deposits and securities eligible for investment of local funds under state law, until such time as the monies are needed for disbursement.
(Ord. 1132, passed 1-10-91)
Statutory reference:
Investment of funds, see G.S. § 159-30
Local Fiscal Assistance Act, see G.S. § 159, Article 3
Selection of depository, see G.S. § 159-31