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/14.67.4a <br /> NTT <br /> ORDINANCE NO. 3 2 0 9-10 <br /> An Ordinance Regarding Fund 638, the City's Firefighter Pension <br /> Fund. <br /> WHEREAS, Chapters 41.16, 41.18, and 41.26 of the Revised Code of Washington(RCW) <br /> establish the City's pension obligation for firefighters hired before October 1, 1977; and <br /> WHEREAS, Chapters 41.16, 41.18, and 41.26 of the RCW establish the City's obligation to pay <br /> necessary medical costs for firefighters hired before October 1, 1977, commonly referred to as <br /> Other Post Employment Benefits (OPEB); and <br /> WHEREAS,records show that the City has maintained a Firefighter Pension Fund as far back as <br /> 1918 and has always used the fund solely to meet the City's obligations to disabled and retired <br /> firefighters and to account for and report on those obligations; and <br /> WHEREAS,Fund 638, the City's Firefighter's Pension Fund, is partially funded by a dedicated <br /> tax, the Washington State Attorney General's Office has opined in AGO 1971 No. 16, AGO <br /> 1977 No. 7, and AGLO 1981 No. 7 that monies placed in a firefighter's pension fund must be <br /> used only to pay a city's obligations under Chapters 41.16, 41.18, or 41.26 of the RCW, RCW <br /> 41.26.053 protects such funds from creditors, and the City's Firefighter Pension Fund Investment <br /> Policy further demonstrates that the City manages Fund 638,the City's Firefighter Pension fund, <br /> as equivalent to a trust; and <br /> WHEREAS,the Governmental Accounting Standards Board has adopted Statement 43 and <br /> Statement 45 which require that a city's fund meet certain criteria, establishing that it is a trust or <br /> trust equivalent, in order to treat the accumulated assets in Fund 638, the City's Firefighter <br /> Pension Fund, as being held in trust for reporting purposes; <br /> NOW, THEREFORE,THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1. The City Council affirms the City's intent that Fund 638, the City's Firefighter <br /> Pension Fund, be managed and accounted for as a trust equivalency. <br /> Section 2. Funds allocated for pension obligations to Fund 638, Sub Fund 000,the City's <br /> Firefighter Pension Fund, shall not be withdrawn or expended for any other purpose than to meet <br /> 1 <br />