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r ` <br /> RESOLUTION NO. R96-32 <br /> Resolution authorizing the Granting of Dlinois <br /> Municip�l Retirement Fund Service Credits for <br /> out-of-state Service of James C. Bacon, Jr. <br /> WHEREAS, the City of Decatur, Dlinois, an Illinois municipal corporation (the <br /> "City") is authorized to provide and establish certain creditable service under the Dlinois <br /> Municipal Retirement Fund ("IMRF•') for out-of-state service provided by certain <br /> employees of the City. <br /> WHEREAS, pursuant to 40 ILCS 5/7-139(a)(6) (1994), the City may grant <br /> creditable service for services rendered to an out-of-state local governmental body under <br /> the conditions therein contained; <br /> WHEREAS, James C. Bacon, Jr. has represented and warranted to the City that he <br /> has forfeited irrevocably all rights to benefits in the out-of-state public employees pension <br /> systems: <br /> WHEREAS, James C. Bacon, Jr. has more than two (2) years of current service <br /> with the City; <br /> WFIEREAS, the other requirements of law have been met and established; <br /> WFIEREAS, James C. Bacon, Jr. has rendered out-of-state services to Hales <br /> Corners, Wisconsin, and Ripon, Wisconsin from June 1976 until September 1982, and to <br /> Colorado Springs, Colorado from July 1973 to June 1976; and <br /> WHEREAS, the City has resolved previously, pursuant to Resolution R95-54 to <br /> grant to James C. Bacon, Jr. subject to the terms thereof, creditable service for the out-of <br /> state services rendered to Hales Corners,Wisconsin, and Ripon,Wisconsin. <br /> NOW THEREFORE, be it resolved by the City Council of the City of Decatur, <br /> Illinois: <br /> 1. That, pursuant to 40 ILCS 5/7-139(a)(6) (1994), this Council hereby authorizes <br /> James C. Bacon, Jr., to establish creditable service under the IMRF for out-of-state service <br /> rendered to Colorado Springs, Colorado from July 1973 to June 1976, as provided by law. <br /> 2. That, prior to requesting IMRF to credit said service, James C. Bacon, Jr. will, in <br /> cooperation with the City, purchase and obtain a Zero Coupon Treasury Security (bond) in <br /> the principal amount of Seventy-Six Thousand Seven Hundred Dollars ($76,700.00) with a <br /> maturity date in the year 2020. The City agrees to allow James C. Bacon, Jr. to credit the <br /> sum of 5even Thousand Four Hundred Dollars ($7,400.00), authorized in Resolution <br /> R95-54, toward the purchase of said security(bond) and James C. Bacon, Jr., agrees to <br />