Chapter 3.80
UNEMPLOYMENT INSURANCE FUND
Sections:
3.80.010 Unemployment Insurance Fund – Establishment.
3.80.020 Funding and expenditures.
3.80.010 Unemployment Insurance Fund – Establishment.
(A) There is hereby established a revolving fund known as the Unemployment Insurance Fund for the purpose of providing unemployment insurance coverage to the various employees of the City.
(B) Monies remaining in the fund at the end of each year shall remain in the fund and shall not revert to the General Fund. [Ord. F-82-38, passed 11-22-82. 1962 Code, Art. 3, Ch. 38, § 1; 1982 Code § 30.485; 1983 Code § 3.30.485.]
3.80.020 Funding and expenditures.
(A) The fund shall be comprised of monies contributed by the City. The Common Council shall from time to time fix the amount contributed by the City.
(B) The fund shall be administered by the City Controller. The City Controller is hereby authorized to:
(1) Compute the amount of contributions necessary to operate the fund.
(2) Establish a procedure for accumulating the contributions and transferring them to the fund.
(3) Develop a formula if needed for allocating contributions among various City agencies and departments.
(4) Fix the place at which the fund is deposited.
(C) Disbursements shall be made by the City Controller pursuant to applicable laws and regulations.
(D) The Common Council may, from time to time, provide for transfers into or out of the fund by ordinance. [Ord. F-82-38, passed 11-22-82. 1962 Code, Art. 3, Ch. 38, § 2; 1982 Code § 30.486; 1983 Code § 3.30.486.]
3.80.030 Investments.
Surplus monies in the fund may be invested by the City Controller. The interest earned on such investments shall remain in the fund and shall not revert to the General Fund. An amount of money equal to that deemed necessary to meet one month’s payment, which amount shall in no event be less than 120 percent of the amount paid in the previous month, shall be at all times held in reserve. [Ord. F-82-38, passed 11-22-82. 1962 Code, Art. 3, Ch. 38, § 3; 1982 Code § 30.487; 1983 Code § 3.30.487.]
3.80.040 Effective date.
The ordinance codified in this chapter shall be in full force and effect from and after its passage by the Common Council, its approval by the Mayor, and its publication, if any, as required by law. [Ord. F-82-38, passed 11-22-82. 1962 Code, Art. 3, Ch. 38, § 4; 1982 Code § 30.488; 1983 Code § 3.30.488.]