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64 ORDINA~/E NO. 1981-3 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AMENDING DIVISION 2, ENTITLED "TEXAS MUNICIPAL RETIREMENT SYSTEM" OF CHAPTER 2, ENTITLED "ADMINISTRATION" OF THE CODE OF ORDINANCES OF SAID CITY BY ALLOWING CERTAIN EMPLOYEES OF SAID CITY WHO HAVE TER- MINATED PREVIOUS MEMBERSHIPS IN TEXAS MUNICIPAL RETIREMENT SYSTEM, TO DEPOSIT THE SUMS SO WITH- DRAWN, PLUS ANNUAL WITHDRAWAL CHARGES, AND BY ALLOWING AND UNDERTAKING THE COST OF ALLOWING ANY SUCH EMPLOYEE CREDIT IN SUCH SYSTEM FOR ALL SERVICES TO WHICH SUCH EMPLOYEE HAD BEEN ENTITLED AT DATE OF SUCH ~ITHDRAWAL, WITH LIKE EFFECT AS IF ALL SUCH SERVICE HAD BEEN PERFORMED AS AN EMPLOYEE OF THIS CITY AND DECLARING AN EMERGENCY. WHEREAS, the actuary for the TeXas Municipal Retirement System has determined that the granting of the credits herein- below authorized and undertaken will not impair the ability of the City to meet all present and prospective liabilities of its account in the Municipality Prior Service Accumulation Fund with Texas Municipal Retirement System, and will not impair the ability of the City to provide for payment of prior service annuities or current service annuities chargeable to its accounts with the System; now, therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. That the Code of Ordinances, City of San Marcos, Texas, is hereby amended by adding a section, to be numbered 2-47, which said section reads as follows: Section 2-47. Redeposit.of deposits withdrawn at the termination of a previous membership. Pursuant to subsection 8 of Section VI of Article 6243h, Texas Revised Civil Statutes, as amended, the City of San Marcos, Texas hereby elects to allow any member of Texas Municipal Retirement System who is an employee of this City on the 26th day of January, 1981, who base, terminated a previous membership in said System by withdrawal of deposits while absent from service, to deposit with the System in a lump sum the amount with- drawn, plus a withdrawal charge of five per cent (5%) of such amount for each year from date of such withdrawal to date of redeposit, and thereupon such member shall be allowed credit for all service to which the member had been entitled at date of termination of the earlier member- ship, with like effect as if all such service had been rendered as an employee of this City, whether so rendered or not. The City of San Marcos agrees to underwrite and hereby assumes the obligations arising out of the granting of all such credits, and agrees that all such obligations and ~eserves required to provfde such Credits ~shall be Charged to this. City.tS account in the.Municipality Pr±or Service Accumulation Fund. The five per cent (5%) per annum withdrawal charge paid by the member shall be deposited to the credit of the City's account in said Municipality Prior Service Accumulation Fund; and the deposits of the amount previously withdrawn by the member shall be credited to his individual account in the Employees Saving Fund of the System. Section 2. That the importance of this ordinance creates an emergency and an imperative purpose necessary that the provision of the Charter requiring that ordinances shall be read on three separate meetings be dispensed wi~h and said provision is hereby suspended, and this ordinance shall take effect and be in full force from and after its adoption. PASSED, APPROVED AND ADOPTED this 26thday of January , 19 81 .