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AN ORDINANCE TO AMEND THE 2005 ANNUAL BUDGET FOR THE CITY OF JONESBORO
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WHEREAS, Ordinance Number 3506 adopted the 2005 annual budget for the City of Jonesboro, and
WHEREAS, a need exists to provide benefits for the beneficiary of any employee, who is vested in the non-uniform Defined Benefits Pension Plan, who dies while actively employed by the City of Jonesboro;
THEREFORE BE IT ORDAINED, by the Jonesboro City Council that;
SECTION 1: A $40,000.00 life insurance policy shall be taken out on all non- uniform employees who are vested in the Defined Benefit Pension Plan, for the purpose of providing benefits for their beneficiary, in the event the employee dies while actively employed by the City of Jonesboro.
SECTION 2: The effective date of this policy shall be October 1, 2005, and the 2005 budget shall be amended in the amount of $3,340.00, to be charged to existing 2005 budget appropriations.
SECTION 3: This ordinance being necessary to ensure survivor benefits to vested members of the Defined Benefit Retirement Plan of the City of Jonesboro, there is hereby declared to be an emergency and this ordinance shall take effect from and after its passage and approval.
APPROVED AND ADOPTED this 20th day of September, 2005.