HomeMy WebLinkAboutORD 2008-073 ORDINANCE NO. 2008-73
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS, ELECTING FOR THE CITY TO
MAKE CURRENT SERVICE AND PRIOR SERVICE
CONTRIBUTIONS TO THE CITY'S ACCOUNT IN THE
MUNICIPAL ACCUMULATION FUND OF THE TEXAS
MUNICIPAL RETIREMENT SYSTEM AT THE
ACTUARIALLY DETERMINED RATE OF TOTAL
EMPLOYEE COMPENSATION AND PROVIDING AN
EFFECTIVE DATE
WHEREAS, the City of Grapevine (the "City"), is a participating municipality in
the Texas Municipal Retirement System (the "System"), and has undertaken to provide
certain retirement, death and disability benefits to its employees pursuant to Subtitle G,
Title 8, Government Code, (hereinafter, the "TMRS Act"); and
WHEREAS, the City Council desires to authorize funding of such benefits as
herein provided.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That pursuant to Section 855.407(g) of the TMRS Act, the City
hereby elects to make future normal and prior service contributions to its account in the
municipal accumulation fund of the System at such combined rate of the total
compensation paid by the City to employees who are members of the System, as the
System's actuary shall annually determine as the rate necessary to fund, within the
amortization period determined as applicable to the City under the TMRS Act, the costs
of all benefits which are or may become chargeable to or are to be paid out of the City's
account in said accumulation fund, regardless of other provisions of the TMRS Act
limiting the combined rate of City contributions.
Section 2. That the fact that the present ordinances and regulations of the City
of Grapevine, Texas, are inadequate to properly safeguard the health, safety, morals,
peace and general welfare of the inhabitants of the City of Grapevine, Texas, creates
an emergency for the immediate preservation of the public business, property, health,
safety and general welfare of the public which requires that this ordinance shall become
effective from and after the date of its final passage, and it is accordingly so ordained.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 2nd day of December, 2008.
APPROVED:
William D. Tate
Mayor
ATTEST:
Linda Huff
City Secretary
APPROVED AS TO FORM:
t 774/-
John F. Boyle, Jr.
City Attorney
ORD. NO. 2008-73 2