HomeMy WebLinkAboutOrdinance - 8515-1983 - Ord. Elect. And Adopt. Provisions Of House Bill #1679, 68Th Leg. Regualr Session - 11/17/1983OGV:js ORDINANCE NO. -----8515
AN ORDINANCE ELECTING ANO ADOPTING THE PROVISIONS OF HOUSE BILL NO.
1679, 68TH LEGISLATURE--REGULAR SESSION, WHICH AMENDS VERNON'S ANN.CIV.
STAT., ART. 6243e, TO PERMIT FIREMEN'S RELIEF AND RETIREMENT FUNDS TO
OBTAIN DEFERRED COMPENSATION STATUS FROM THE INTERNAL REVENUE SERVICE.
WHEREAS, House Bill No. 1679, 69th Legislature--Regular Session,
authorizes firemen's relief and retirement funds to seek deferred com-
pensation status as qualified retirement plans under Sec. 401(a), Internal
Revenue Code; and
WHEREAS, the City Council recognizes the desirability of enabling the
city of Lubbock's firefighters to defer payment of a portion of their
federal income taxes by means of a qualified pension plan; and
WHEREAS, House Bill No. 1679 requires that its provisions be elected
by an ordinance of the governing body of the city and that they further be
approved by a majority of the participating members of the Lubbock fire-
men's Relief and Retirement fund; NOW THEREFORE:
BE IT ORDAINED BY THE CITY COUNCIL Of THE CITY Of LUBBOCK:
THAT the City Council hereby elects and adopts the provisions of House
Bill No. 1679, 68th Legislature--Regular Session, and, upon approval of the
provisions of such Act in a secret ballot by a majority of the participa-
ting members of the Lubbock firemen's relief and Retirement fund, the Board
of Trustees of such fund shall seek an Internal Revenue Service determina-
tion that the pension plan is a qualified retirement plan for deferred
compensation under terms of Sec. 401(a) of the Internal Revenue Code.
AND IT IS SO ORDERED.
Passed by the City Council on first reading this 17th day of November ,
1983. -------
Passed by the City Council on second reading this 8th
1983.
December _____ ,
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