Ord 70-2008 10/21/2008 ORDINANCE NO. -aDO
ORDINANCE AUTHORIZING THE CITY TO MAKE CONTRIBUTIONS
TO THE CITY'S TEXAS MUNICIPAL RETIREMENT SYSTEM ACCOUNT
AT THE ACTUARIALLY DETERMINED RATE OF TOTAL EMPLOYEE
COMPENSATION.; FINDING AND DETERMINING THAT THE MEETING
AT WHICH THIS ORDINANCE WAS PASSED WAS OPEN TO THE
PUBLIC AS REQUIRED BY LAW.
WHEREAS, the City of Wichita Falls (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 AcY'); 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 WICHITA FALLS, TEXAS, THAT:
SECTION 1. 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 cost
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. The provisions of this ordinance shall become effective on the first
day of January, 2009.
SECTION 3. It is hereby officially found and determined that the meeting at which
this ordinance was passed was open to the public as required by law.
PASSED AND APPROVED this the 21 day of October, 2008.
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ATTEST:
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