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n n ~ ~ l t\\ ^ . u7\!V~' r' e e ORDINANCE NO. 97- 2212 AN ORDINANCE ALLOWING CERTAIN EMPLOYEES OF THE CITY WHO HAVE TERMINATED PREVIOUS MEMBERSHIP IN TEXAS MUNICIPAL RETIREMENT SYSTEM, TO DEPOSIT THE SUMS SO WITHDRAWN, PLUS ANNUAL WITHDRAWAL CHARGES, AND ALLOWING AND UNDERTAKING THE COST OF ALLOWING ANY SUCH EMPLOYEE CREDIT IN SUCH SYSTEM FOR ALL SERVICE TO WHICH SUCH EMPLOYEE HAD BEEN ENTITLED AT DATE OF SUCH WITHDRAWAL, WITH LIKE EFFECT AS IF ALL SUCH SERVICE HAD BEEN PERFORMED AS AN EMPLOYEE OF THE CITY; FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; AND PROVIDING AN EFFECTIVE DATE HEREOF. WHEREAS, the actuary of the Texas Municipal Retirement System has determined that all obligations charged against the City's account in the municipality accumulation fund, including the obligations arising as a result of this ordinance, can be funded by the City within its maximum contribution rate and within its amortization period: and WHEREAS, the City Council has determined that adoption of this ordinance is in the best interests of the City, now therefore, WHEREAS, the City Council of the City of La Porte, Texas, finds that it will be in the public interest for the City to have its employees participate in the Texas Municipal Retirement System as hereinafter provided; now therefore, BE IT ORDAINED BY THE CITY COUNCIL OF LA PORTE, TEXAS: Section 1: Pursuant to Section 853.004 of Subtitle G of Title 8, V.T.C,A., Government Code, as amended, the City of La Porte hereby elects to allow any member of the Texas Municipal Retirement System who is an employee of this City on the 22nd day of December, 1997, who has terminated a previous membership in said System by withdrawal of deposits while absent from service, but who has at least 24 months of credited service as an employee of this City since resuming membership to deposit with the System in a lump sum, the amount withdrawn, plus a withdrawal charge of five percent (5%) of such amount for each year from date of such withdrawal to date of redeposit, and thereupon such member shall be allowed credit for all service to which the member had been entitled at date of termination of earlier membership, with like effect as if all such service had been rendered as an employee of this City, whether so rendered or not. The City agrees to underwrite and hereby assumes the obligations arising out of the granting of all such credits, and agrees that all such obligations and reserves required to provide such credits shall be charged to this city's account in the municipality accumulation fund. The five percent (5%) per annum withdrawal charge paid by the member shall be deposited to the credit of the City's account in said municipality accumulation fund: and the deposits of the amount previously withdrawn by the member shall be credited to his or her individual account in the employees' savings fund of the System.