Loading...
HomeMy WebLinkAboutORD 2018-073 ORDINANCE NO. 2018-073 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS; APPROPRIATING $500,000.00 FROM THE TRUST AND AGENCY FUND UNAPPROPRIATED FUND BALANCE; DECLARING AN EMERGENCY AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City Council of the City of Grapevine desires to participate in the PARS Public Agencies Post-Retirement Health Care Plan Trust (the "Program") to fund post-employment benefits for its employees; and WHEREAS, the City is eligible to participate in the Program, a tax-exempt trust and plan performing an essential governmental function within the meaning of Section 115 of the Internal Revenue Code; and WHEREAS, the City's adoption and operation of the Program has no effect on any current or former employee's entitlement to post-employment benefits; and WHEREAS, the City's funding of the Program does not, and is not intended to, create any new vested right to any benefit nor strengthen any existing vested right; and WHEREAS, the City desires to appropriate and transfer $500,000.00 to PARS for the purpose of funding the Trust; and WHEREAS, constitutional and statutory prerequisites for the approval of this ordinance have been met, including but not limited to the Open Meetings Act; and WHEREAS, the City Council deems the adoption of this ordinance is in the best interests of the health, safety, and welfare of the public. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS: Section 1. That all matters stated herein above are true and correct and are incorporated herein by reference, as if copied in their entirety. Section 2. That the City Council hereby appropriates the funding. Section 3. That the City Council hereby authorizes an amount of $500,000.00 to be appropriated. Section 4. That this ordinance shall take effect immediately upon passage by the City Council of the City of Grapevine, Texas. 4 I Section 5. 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 public creates an emergency which requires that this ordinance become effective from and after the date of its 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 October, 2018. APPROVED: (2,1) - William D. ate Mayor ATTEST: o /�RaPF��`\ ►X Tara Brooks City Secretary APPROVED AS TO FORM: City Attorney 2 Ordinance No. 2018-073