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HomeMy WebLinkAboutOrdinance No. 18-042 authorizing the Finance Director to pay over to the Texas Municipal Retirement Systems the sum of $1,000,000ORDINANCE NO. 18-042 AN ORDINANCE OF THE CITY OF UNIVERSITY PARK, TEXAS, TO PROVIDE FOR PAYMENT BY THE CITY TO THE "TEXAS MUNICIPAL RETIREMENT SYSTEM" ("TMRS"); PROVIDING FOR THE REPEAL OF ALL ORDINANCES IN CONFLICT; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY PARK, TEXAS: SECTION 1. In calculation of the 2019 TMRS contribution rates, the City determined it was necessary to provide additional funding to TMRS. The Finance Director shall pay over to TMRS the sum of one million dollars ($1,000,000.00) and such amount is hereby appropriated for that purpose from the available funds in the Self-Insurance Fund of the City. SECTION 2. The provisions of this ordinance are severable and, should any such provision be declared unconstitutional or unenforceable, such declaration shall not affect any of the remaining provisions hereof. SECTION 3. This ordinance shall take effect immediately from and after its passage, as the law and Charter in such cases provide. DULY PASSED by the City Council of the City of University Park, Texas, on this 20th day of November, 2018. APPROVE OLIN LANE JR., MAYOR OVED AS T 0 ATTEST: CITY ATTORNEY CHRISTINE GREEN, CITY SECRETARY (rld/11-02-18/104046)