Ordinance 1974-438 - Laserfiche WebLink

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CITY OF LOUISVILLE ORDINANCE NO.t./..F" AN ORDINANCE PROVIDING FOR THE MODIFICATION OF THE POLICEMENS PENSION FUND BY PROVIDING FOR A CONTRIBUTION BY THE CITY TO SAID FUND AND BY PROVIDING FOR A MATCHING CONTRIBUTION BY THE POLICE OFFICERS OF THE CITY OF LOU ISV ILLE. HHEREAS, the City of Louisville has a Policemens Pension Fund which is no\'l funded by moniles received from the State Treasurer pursuant to statute and WHEREAS the statutes further provide that the city may contribute money to said fund provided that Police Officers pay into said fund a matching contribution and WHEREAS it is deemed in the best interest of personnel of the Police Department to provide for the contribution by the city and the matching contribution by the personnel in the Police Department to provide more benefits to said personnel and more incentive to remain as members of the Police Department. THEREFORE be it ordained by the City Counsil .of the City of Louisville. Secti on 1. FUND ESTABLISHED The Pol i cemens Contributi on Pensi on Fund of the City is hereby established. Section 2. OPERATION OF FUND The Policemens Contribution Pens i on Fund of the ci ty sha 11 be operated in accordance with the 1 aV/s and the statutes of the State of Colorado as provided in Chapters 139-49-1 through 139-49-25 CRS 1963, and as the same may later be amended. Section 3. PERSONNEL OF BOARD The Board of Trustees of said Policemens Contribution Pension Fund shall consist of the Mayor, The Municipal Treasurer, The Municipal Clerk and one member of the Police Department, who shall be elected by that department. Said Trustees shall elect from their number a President and Secretary. The Municipal Treasurer shall be ex officio treasurer of said board and administrator of funds