[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.