There is created and established a new fund of the city to be known as the "employment security fund" into which moneys budgeted to provide employment benefits (unemployment compensation) to city employees shall be deposited, and from which reimbursements to the Washington State Department of Employment Security shall be made.
(Ord. 523 § 3, 1974)
To provide funds for deposit into the fund, each department and operating fund of the city shall, in its budget, provide for payments into the fund an amount not less than three percent of the amount paid for wages and salaries. Payments to the fund shall be made to the fund each month, unless payments are suspended as herein provided.
(Ord. 523 § 4, 1974)
At such time as the fund balance reaches an amount equal to 210 percent of the maximum unemployment benefits payable to any one employee during any one period of unemployment, payments to the fund may be suspended until the fund balance drops to an amount equal to 150 percent of the maximum unemployment benefits payable to any one employee during any one period of unemployment.
(Ord. 523 § 5, 1974)
Should the fund ever be dissolved, the balance of funds shall be transferred to the various departments and operating funds in the same ratio that the wages and salaries of each department or operating fund for the preceding 12 months bear to the wages and salaries paid by all the departments and operating funds during the preceding 12 months.
(Ord. 523 § 6, 1974)