§ 2-58. Use of premium tax revenues.

(a)

Commencing October 1, 2016, the city and the union mutually consent that fifty (50) percent of the premium tax revenues received by the city in accordance with F.S. ch. 175 will be used by the city to reduce its pension contributions or the unfunded liabilities of the plan (whichever the City prefers), and fifty (50) percent shall be used to fund the supplemental retirement benefit fund as provided for in section 2-55. All accumulated insurance premium tax revenues received prior to 2016 shall be used to fund benefits for the retirees in accordance with section 2-55(5) herein.

(b)

The aforementioned is intended to supplant the default methods outlined in F.S. § 175.351.

(Ord. No. 17O-10-152, § 6, 11-13-2017)

Editor's note

Ord. No. 17O-10-152, § 2, adopted Nov. 13, 2017, repealed the former § 2-58, and § 6 of the ordinance enacted a new section as set out herein. The former § 2-58 pertained to similar subject matter and derived from Ord. No. 17O-01-103, § 5, adopted Feb. 13, 2017.