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RESOLUTION NO. l -- S( <br /> RESOLUTION APPROVING REVISION <br /> OF CONTRIBUTION RATE TO <br /> POLICE RETIREMENT SYSTEM <br /> WHEREAS, the Board of Trustees of the Police Retirement System <br /> of the City of Clive, Iowa has previously established a <br /> contribution rate of 8.38% for the fiscal year beginning July 1, <br /> 1990 and ending June 30, 1991 (Fiscal Year 1990 -91); and <br /> WHEREAS, a report has been received from Farr Harris & <br /> Associates, actuarial consultants, dated December 10, 1990, <br /> indicating that a revised contribution rate of 3.39% for Fiscal <br /> Year 1990 -91 is appropriate from an actuarial standpoint; and <br /> WHEREAS, a report has been received from the Clive City <br /> Attorney indicating that the contribution rate may be revised; and <br /> WHEREAS, the City of Clive has already contributed more funds <br /> toward the Police Retirement System in Fiscal Year 1990 -91 than <br /> would have been required for the entire year at the 3.39% <br /> contribution rate; and <br /> WHEREAS, the Board of Trustees of the Police Retirement System <br /> has approved revising the contribution rate to 3.39% and has <br /> submitted this matter for approval by the City Council. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF CLIVE <br /> IOWA: <br /> That the contribution rate to the Police Retirement <br /> System for Fiscal Year 1990 -91 is hereby revised to <br /> 3.39 %, retroactive to July 1, 1990, and that no further <br /> contributions be made to the Police Retirement System <br /> during Fiscal Year 1990 -91, unless and until such <br /> additional contributions are required to satisfy the <br /> City's obligations under the revised contribution rate, <br /> and that the City Clerk is authorized to file this <br /> Resolution, if necessary, with the Iowa Department of <br /> Revenue and other applicable government authorities. <br /> PASSED AND APPROVED this 1 /p`' day of April, 1991. <br /> 4/41/A <br /> 0. -ne a ;..x, Ma <br /> ATTES : r <br /> Lth <br /> AA 4/ <br /> /� • / <br /> y �/. u� <br /> City Clerk <br /> Na `orie Roberts, <br /> c: \jcw \clive \resolu \police.ret <br />