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C 7gg' <br /> • - <br /> • <br /> 1 ORDINANCE NO. 5471 " 7� <br /> 2 <br /> AN ORDINANCE creating a special fund entitled "Unemployment <br /> 3 Compensation Fund," specifying the purpose of such fund, source of <br /> revenue, and providing for expenditures therefrom. <br /> 4 <br /> 5 <br /> 6 WHEREAS, Sections 14 and 23, Chapter 292, Laws of 1977, included all units of <br /> 7 local governments in the state unemployment insurance program effective January 1, <br /> 8 1978; and <br /> 9 WHEREAS, the City could elect prior to December 31, 1977, to either pay a local <br /> 10 government tax of 1.25 percent on total renumeration paid (the tax rate of 1.25 percent <br /> 11 will apply for the calendar years of 1978 and 1979), or make payments reimbursing the <br /> 12 State of Washington Employment Security Department for the actual amount of <br /> 13 benefits paid former workers; and <br /> 14 WHEREAS, the City has selected the reimbursement method for unemployment <br /> 15 compensation and filed the necessary documents with the State of Washington; and <br /> 16 WHEREAS, the City may desire to negotiate an appropriate contract with a <br /> 17 service agency for the purpose of administering the unemployment compensation <br /> 18 program; <br /> 19 NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> 20 Section 1: That a special fund is hereby created to be known as <br /> 21 Unemployment Compensation Fund No. 601. The purpose of said fund is to provide a <br /> 22 means of disbursing payments for unemployment compensation for which the City may <br /> 23 become liable from time to time, effective as of January 1, 1978. <br /> 24 Section 2: Money shall be deposited in the Unemployment Compensation Fund <br /> 25 in 1978 based on 1.25 percent of gross wages. This money was budgeted in 1978 in each <br /> 26 operating fund which has wage and salary expense. Effective January 1, 1979, the <br /> 27 money deposited in the fund shall be transferred from the funds which had <br /> 28 unemployment compensation claims. The revenue to this fund will be the tax amount <br /> 29 charged to each fund having wages if and when, the City elects to pay the <br /> 30 unemployment compensation based on this method. The interest earned from the <br /> 31 investment of temporarily idle money in the fund shall be deposited in this fund. <br /> 32 <br />