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MINUTES <br />CITY COUNCIL <br />MAY 12, 1993 <br />fall to 5~. Scalze stated that she would like a <br />recommendation from the City Administrator on this <br />matter as well as information on the effect on the <br />benefit level based on varying amounts of City <br />participation. <br />LaValle noted that the fund has been <br />funded. DeBace reported that in the <br />fund was only 73% funded, but typica <br />95% to 105% funded. LaValle pointed <br />increase would not be approved until <br />funded. <br />down as low as 94% <br />early 1980's the <br />Lly has been from <br />out that another <br />the fund was fully <br />DeBace again asked for the $2,100 benefit level and the <br />opportunity to put a formula together for Council <br />approval. <br />Dick Boss, Fire Chief, suggested that the benefit level <br />be determined for 1993 and that the Relief Association <br />and Council put together a formula for future increases <br />based on the amount of fundedness. <br />Scalze again indicated that she felt a maximum City <br />contribution had to be set given that there are no <br />guarantees on the amount of interest earnings the fund <br />will have. <br />DeBace again pointed out the $75,000 surplus in the <br />fund that could be used as a cushion should interest <br />earnings go below the 8% level. DeBace reported that <br />should interest earnings be 8% or greater, there would <br />be no City contribution required. DeBace explained the <br />bonds that the fund is invested in that the fact that <br />these bonds are laddered with few of the bonds being <br />callable. <br />Mrs. Scalze introduced the following resolution and <br />moved its adoption: <br />RESOLUTION NO. 93-5-129 - TABLING ACTION ON THE FIRE <br />DEPARTMENT RELIEF ASSOCIATION REQUEST FOR BENEFIT LEVEL <br />INCREASE AND INSTRUCTING THE CITY ADMINISTRATOR TO <br />PROVIDE THE CITY COUNCIL WITH INFORMATION SHOWING TxE <br />EFFECT OF VARYING CITY CONTRIBUTION AMOUNTS ON BENEFIT <br />LEVELS <br />The foregoing resolution was duly seconded by Hanson. <br />Ayes (4) Scalze, Hanson, Pedersen, Morelan. <br />Nays (1) LaValle. Resolution declared adopted. <br />RENEW Mr. LaValle introduced the following resolution and <br />1993 FIRE moved its adoption: <br />CONTRACT <br />Page 20 <br />