Laserfiche WebLink
RESOLUTION NO. R �� �`�y <br /> RESOLUTION AUTHORIZING THE GRANTING OF IMRF <br /> SERVICE CREDITS FOR OUT-OF-STATE SERVICE <br /> JAMES C. BACON, JR. <br /> BE IT RESOLVED, BY THE COUNCIL OF THE <br /> CITY OF DECATUR, ILLINOIS: <br /> SECTION 1. That, pursuant to 40 ILCS 5/7-139 (a) (6) , the <br /> Council hereby authorizes James C. Bacon, Jr. to establish <br /> creditable service under the Illinois Municipal Retirement Fund <br /> (IMRF) for out-of-state service rendered to Hales Corners and <br /> Ripon, Wisconsin, from June 1976 , to September, 1982, as provided <br /> by law. <br /> SECTION 2 . That, prior to requesting IMRF to credit said <br /> service, James C. Bacon, Jr. will coordinate with the CITY to <br /> obtain a zero coupon treas�ury security (bond) in the principal <br /> amount of One Hundred Sixty Thousand Dollars ($160, 000.00) maturing <br /> in the year 2019 . The CITY agrees to contribute Seven Thousand <br /> Four Hundred Dollars ($7,400 .00 ) toward the purchase of said bond <br /> and James C. Bacon, Jr. agrees to pay, in full, all further costs <br /> associated with purchasing said bond. It is further agreed and <br /> understood that the entire proceeds of said bond shall be due and <br /> payable solelv� to the City of Decatur. <br /> SECTION 3 . That, should James C. Bacon, Jr. fail to perform <br /> as required in Section 2 (i.e. pay for the entire cost of <br /> purchasing said bond other than the contribution on the part of the <br /> CITY in the amount of $7,400 . 00 and with said bond payable solely <br /> to the City of Decatur� , the authorization granted in Section 1 is <br /> revoked. <br /> PRESENTED and ADOPTED this 24th day of April, 1995 . <br /> ��� ` <br /> �G���-= <br /> ERIK C. BR HNITZ , Mayor <br /> ATTEST: <br /> � <br /> Ph lis E. Sands, City Clerk <br />