HomeMy WebLinkAbout1995-02-01-R I
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RESOLUTION NO .'62-1 OF 1995
RESOLUTION OF BATESVILLE CITY COUNCIL
TO APPROVE SB 420
WHEREAS, SB 420 HAS BEEN REFERRED TO THE JOINT
COMMITTEE ON PUBLIC RETIREMENT' AND SOCIAL SECURITY PROGRAM;
AND,
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WHEREAS, NO BILL OF SUCH NATURE SHALL BE REPORTED BY
THE COMMITTEE UNLESS THE GOVERNING BODY OF THE CITY NOTIFIES
THE COMMITTEE IN WRITING BY RESOLUTION ADOPTED AT A REGULAR
MEETING OF THE CITY COUNCIL .
NOW THEREFORE BE IT RESOLVED, BY THE CITY COUNCIL OF
• ITHE CITY OF BATESVILLE , ARKANSAS, THAT :
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(A) THE CITY COUNCIL OF THE CITY OF BATESVILLE IS
AWARE OF SB 420 AND ITS PROVISIONS . A COPY F SAID BILL IS
ATTACHED HERETO AND MADE A PART HEREOF .
(B) THE CITY COUNCIL OF THE CITY OF BATESVILLE
CERTIFIES THAT IT RECOMMENDS THE ADOPTION OF SB 420 AND IS
WILLING TO ASSUME ANY ADDITIONAL FINANCIAL OBLIGATIONS
CREATED THEREBY .
(C) THE CITY CLERK IS HEREBY INSTRUCTED TO FORWARD A
COPY OF THIS RESOLUTION TO THE JOINT COMMITTEE ON PUBLIC
RETIREMENT AND SOCIAL SECURITY PROGRAMS AND TO THE ARKANSAS
MUNICIPAL LEAGUE .
® THIS RESOLUTION ADOPTED THIS 28TH DAY OF FEBRUARY,
1995 , BY THE CITY COUNCIL OF THE CITY OF BATESVILLE ,
ARKANSAS
CITY OF BATESVILLE
BOE B ARD, MAYOR
ATTEST ;
02%27/95 15: 50 V501682 1956
LEGISLATIVE RES '
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As Lngnssed: 2124195
1 Scan of Arkansas ^
2 80th General Assembly A B m
3 Regular Session, 1995 SENATE BULL 420
4 By: Senator Bell
5
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7 For An Act To Be Entitled
8 "AN ACT TO PROVIDE THAT MUNICIPAL POLICE RETIREMENT
9 SYSTEMS WHICH NO LONGER ACCEPT MEMBERS MAY BUY OUT THE
10 BENEFICIARIES OR OTHERWISE PKOVIDE FOR THE BENEFICIARIES
11 AND THEREAFTER BE DISSOLVED; AND FOR OTHER PURPOSES."
12
13 Subtitle
14 "TO PROVIDE THAT MUNICIPAL POLICE
15 RETIREMENT SYSTEMS WHICH NO LONGER
16 ACCEPT MEMBERS MAY BUY OUT THE
17 BENEFICIARIES OR OTHERWISE PROVIDE FOR
18 THE BENEFICIARIES AND THEREAFTER BE
19 DISSOLVED."
20
21 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
22
23 SECTION 1. Any first class city, second class city or Incorporated town
24 v-1th a municipal police retirement plan which Inas no members or which Is
25 overfunded as determined by an independent actuarial evaluation and no longer
26 accepts members map use the retirement funds to buy out the beneficiaries or
27 otherw-ise assure that the beneficiaries will receive all benefits to which
Z8 entitled under the plan. Thereafter the city may by ordinance dissolve the
29 police retirement plan and transfer all surplus funds to the city treasury to
30 be used solely for capital I.mprovemeuts of the city. All r"=back funds from
31 insurance premium taxes or other sources which the municipal police retirement
32 plan or the city previously received to help fund the retirement plan shall
33 thereafter be remitted to the city to be used for retirement benefits for
34 uniformed and non-uniformed employees.
35
36 SECTION 2. All provisiona of this act of a general and permanent nature
0203951033.mhfl98
68: 193ti LEGISLATI1E RES
X003,'004
As Engrossed: 2/24/95 SB 420
1 SECTION 2. All provisions of this act of a general and permanent nature
2 are amendatory to the Arkansas Code of 1987 Annotated and the Arkansas Code
3 Revision Commission shall incorporate the same is the Code.
4
5 SECTION 3. If any provision of this act or the application thereof to
6 any person or circumstance is held invalid, such invalidity shall not affect
7 other provisions or applications of the act which can be given affect without
8 the invalid provision or application, and to this end the provisions of this
9 Act are declared to be severable.
10
11 SECTION 4. All laws and parts of laws in conflict with this act are
12 hereby repealed.
13
14 SECTION 5. It is hereby found and determined by the Ganeral Assembly
15 that SQme cities have police retirement plants which no longer accept new
16 members and which are overfunded] that the surplus revenues Should be put cc
17 beneficial use; that this act will establish the machanism for putting those
18 funds to beneficial use for the citizens of the city; and that chis act should
19 go into effect as soon as possible to provide desperately needed funds to the
20 municipalities affected hereby. Therefore, an emergency is1hereby declared to
21 exist and this act being necessary for the immediate preservation of the
22 public peace, health aztd Safecy shall be in full force and effect from and
23 after its passage and approval.
24 /a/Bell
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