§ 3.88.020. Municipal prefunding investment program.

A.

It is the objective of the investment program that municipal assets be accumulated through a 34-year prefunding program of regular annual deposits by the municipality and accumulated interest earnings so that the municipal obligation is fully funded, requiring no further deposits. The 34-year prefunding period shall not be extended. Further, no provision of this chapter shall be interpreted to impair or diminish any of the various obligations or entitlements set out in chapter 3.87.

B.

The assets of the investment program are restricted to the purposes outlined in this chapter unless two consecutive annual actuarial valuations indicate that surplus funds over and above those necessary to fully fund the municipality's projected obligations for the funding program have accumulated and are available.

C.

Annual municipal deposit to the investment program will be established and adjusted as necessary to ensure full funding at the end of the year 2028, based on the results of actuarial valuations and recommendations of the investment board.

D.

An actuarial valuation of the municipality's obligation to the funding program and the funding status of the investment program will be completed every three years as a minimum, until such time as the investment program first achieves full funding status per the actuarial valuation.

(AO No. 95-63, § 1, 3-7-95; AO No. 2009-140, § 1, 1-12-10; AO No. 2015-116(S), § 1, 11-10-15 )