[Ord. #83-20, § 1]
There is hereby established a Trust Fund to be known as "The
Terminal Leave Trust Fund" (hereinafter referred to as "The Fund")
pursuant to the rules and regulations established by the New Jersey
Department of Community Affairs.
[Ord. #83-20, § 2]
The Director of the Division of Finance shall maintain and bear
responsibility for The Fund in the same manner and the same extent
as other public funds under his care. All interest earned on The Fund
shall accrue to The Fund's principal.
[Ord. #83-20, § 3]
The Director of the Division of Finance shall annually estimate
the probable maximum exposure of The Fund during the coming fiscal
year. He shall make this estimate on factors including current salary
levels, expressed intentions of employees to retire, past retirement,
experience and current Fund level.
[Ord. #83-20, § 4]
The Mayor may include as part of the recommended annual operating
budget for the coming fiscal year, the amount over and above the current
balance in The Fund needed to cover the Director's estimate as
to The Fund exposure for the coming fiscal year.
[Ord. #83-20, § 5]
All employees retiring from employment within the City of Ocean
City will be eligible for payment from The Fund pursuant to current
City policy on Terminal Leave Benefits.
[Ord. #83-20, § 6]
The portion of terminal leave to be compensated and the maximum
dollar amount thereof shall be computed in accordance with City policy
at the date of termination or retirement.
[Ord. #83-20 § 7]
All valid claims shall be calculated as of the employee's
actual date of termination. The City reserves the right to pay the
unused and accrued terminal leave at its sole discretion.
[Ord. #83-20, § 8]
In the event that the amount of any valid claim for terminal
leave benefits would exceed the cash balance in The Fund at any given
time, payment may be made from the current Fund or the operating budget
at its sole discretion.
[Ord. #96-15, § 1]
The purpose of this section is to require insurance companies
prior to the payment of any claims for fire damages in excess of two
thousand five hundred ($2,500.00) dollars to pay to the City of Ocean
City the amount of any taxes certified as lien due on an official
tax search certificate.
[Ord. #96-15, § 1]
No insurance company issuing a fire insurance policy on any real property located within the City of Ocean City shall pay any claim against said policy in excess of two thousand five hundred ($2,500.00) dollars unless and until the insured person submits an official certificate of search for municipal liens pursuant to N.J.S.A. 54:5-12, certifying that all taxes, assessments or other municipal liens or charges levied, assessed, due and payable against said property have been paid or the municipality submits a certified copy of a resolution adopted pursuant to the provisions of subsection 3-2.4 below.
[Ord. #96-15, § 1]
Unless a resolution adopted in accordance with subsection 3-2.4 below is received by an insurance company writing fire insurance policies in the City of Ocean City, such insurance company is hereby authorized and required, prior to the payment of any claims for fire damages in excess of two thousand five hundred ($2,500.00) dollars to pay to the City of Ocean City the amount of the liens appearing on the official certificate or other recorded liens or related charges as may be related to the insurance company; provided however, that if any appeal is taken on the amount of any lien or charge other than an appeal on the assessed valuation of real property pursuant to N.J.S.A. 54:3-21, the insurance company shall withhold seventy-five (75%) percent of the full amount of the lien or charge being contested pending termination of all proceedings, at which time such moneys and all interest accruing thereon at a rate paid on interest-bearing accounts in banking institutions or savings and loan associations in this State shall be disbursed in accordance with the final judgment or order of the Court.
[Ord. #96-15, § 1]
The City of Ocean City may enter into an agreement by formal resolution of the governing body with the owner of any fire-damaged property to pay in full all delinquent taxes, assessments or other municipal liens by installments, pursuant to N.J.S.A. 54:5-19, or for the redemption of the tax sale lien by installment payments pursuant to Article 7 of Chapter 5 Title 54 of the New Jersey statutes, if the City Council, in its sole discretion, is satisfied that the claim for fire damages is to be used to restore or improve the fire-damaged property. An insurance company receiving a certified copy of the resolution of agreement between the City of Ocean City and the owner or insured of fire-damaged property is authorized to make full payment of claim to the insured person.
[Ord. #96-15, § 1]
Nothing in this chapter shall be construed to:
a.
Obligate the insurance company for any amount in excess of the value
of the fire insurance policy on the property or the amount of the
liability of the insurance company thereunder.
b.
Obligate the insurance company for any liens not appearing on the
official certificate or any certified changes submitted by the bonded
official.
c.
Affect the authority of the City of Ocean City to enforce a municipal
lien under any of the laws of this State.
[Ord. #96-15, § 1]
A certified copy of this section shall be filed after final
adoption hereof with the State Commissioner of Insurance.
[Ord. #96-15, § 1]
All ordinances or portions thereof inconsistent with this section
are repealed to the extent of such inconsistency.
[Ord. #96-15, § 1]
If any portion of this section is declared to be invalid by
a court of competent jurisdiction, it shall not affect the remaining
portions of the section which shall remain in full force and effect.
