Title 07 Finance
Chapter 07.08 Funds
Article VII. Fiduciary Funds
Section 07.08.601 Employees’ Retirement Fund
- There is established a fund to be known as the “employees’ retirement fund” which consists of all moneys paid into it in accordance with the employees’ retirement system provided in chapter 3.05 SMC, whether such moneys shall take the form of cash, securities or other assets.
- The city treasurer or the treasurer’s designee shall be custodian of the retirement fund.
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- All payments made from funds in the custody of the city treasurer shall be made by the city treasurer through wire transfer as provided by resolution of the city council or by warrant duly executed by the chief financial officer.
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- Payments made by the treasurer’s designee shall be governed by contract between the city council and the designated custodian.
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- Payments to the designee from the retirement fund may be made by the city treasurer through wire transfer as provided by resolution of the city council or by warrant duly executed by the chief financial officer.
Date Passed: Monday, May 7, 2007
Effective Date: Wednesday, June 20, 2007
Recodification ORD C34024 Section 1