HomeMy WebLinkAbout3232 ORDINANCE NO.3~
AN ORDINANCE establishing a Deferred
Compensation Plan Fund, specifying
the purposes for which moneys from said
fund may be expended, and providing
the source of cash for the fund.
THE CITY OF BREMERTON DOES HE,BY ORDAIN:
Section 1. Pursuant to RCW 41.04.250 and Bremerton
Resolution No. /~, the City Treasurer is hereby authorized
and directed to establish a Deferred Compensation Plan Fund as
of July 1, 1975.
Section 2. All salaries deferred in accordance with
the approved Deferred Compensation Plan shall be transferred into
said fund concurrent with normal monthly salary fund transfers.
Section 3. Moneys from said fund shall be used for
the purpose of funding Deferred Compensation Plans for employees
through life insurance companies, bank trustees or custodians
authorized to do business in the State of Washington.
Section 4. All amounts of compensation deferred under
the plan and any property puchased with such amounts, including
insurance policies, annuity contracts or any other assets, shall
be the property of the City of Bremerton, subject to the claims
of its general creditors,' and available for the City's use for
whatever purposes the City Council may direct.
APPROVED by the City Council on the first reading
this //~
day of J~£, 1975.
PASSED by the City Council of the City of Bremerton,
signed by the Mayor and attested by the City Clerk in
authentication of such passage this ~ '~ay of , 1975.
ATTEST:
G. C. YF/A . ' Clerk