[R.O. 2016 § 120.060; Ord. No. 365-01 § 1, 5-8-2001; Ord. No. 860-09 § 1, 9-15-2009; Ord.
No. 1275-18, 12-20-2018; Ord. No. 1287-19, 3-12-2019]
A. The fund referred to as "Restricted Retirement
Fund" is hereby renamed and shall now be referred to as the "Restricted
Reserve Fund."
B. The Restricted Reserve Fund as of March
12, 2019, has a restricted balance of seven hundred thousand dollars
($700,000.00). The City of Park Hills shall make a yearly deposit
into the Restricted Reserve Fund until the Restricted Reserve Fund
shall have a balance of one million dollars ($1,000,000.00).
C. The City Council, by ordinance, may borrow
from the Restricted Reserve Fund as long as the borrowed funds are
repaid by the City of Park Hills with yearly payments, as approved
in each year's budget. The interest accrued over time may be used
to pay the City's matching portion of each employee's 401a retirement
plan.