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i <br /> ORDINANCE NO. 95.—../d <br /> • BEFORE THE CITY COUNCIL <br /> OF THE CITY OF BATESVILLE, ARKANSAS <br /> AN ORDINANCE DISSOLVING THE POLICE RETIREMENT PLAN, <br /> AND TRANSFERRING SURPLUS FUNDS TO THE CITY TREASURY, <br /> DECLARING AN EMERGENCY; AND FOR OTHER PURPOSES <br /> WHEREAS, the City of Batesville is a City of the First Class which has a <br /> local police pension fund that covers only retired member, no longer accepts new <br /> members and has over Four Hundred percent (400%) of its retired life liabilities <br /> covered by assets; and <br /> WHEREAS, an Agreement has been reached with the beneficiaries to buy <br /> those beneficiaries out which assures that they will receive all of the benefits to <br /> which they are entitled under the plan; and <br /> WHEREAS, Act 1012 of 1995 provides that under these circumstances the <br /> City may, by ordinance, dissolve the Police Retirement Plan and transfer all <br /> surplus funds to the City Treasury; now <br /> BE IT THEREFORE ORDAINED that the City of Batesville Police <br /> Retirement and Pension Fund is hereby dissolved and the City Clerk/Treasurer is <br /> directed to transfer all surplus funds to the City Treasury to be used solely for <br /> capital improvement purposes for the City of Batesville. <br /> The surplus funds are all funds remaining in the plan after payment to the <br /> Beneficiaries pursuant to Act 1012 of 1995 and a letter ruling of the Internal <br /> Revenue Service and after deducting the attorney's fees and costs associated with <br /> obtaining the letter ruling. <br />