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1344 000019 ORDINANCE NO. 1344 ( #11 - 08) AN ORDINANCE CREATING JMC § 2.88.045; ALLOWING FOR COST OF LIVING ALLOWANCES IN RETIREMENT BENEFITS FOR A MAYOR UNDER THE JACKSONVILLE MUNICIPAL OFFICIALS' RETIREMENT TRUST; AND, FOR OTHER PURPOSES, WHEREAS, passage of Act 293 of 2007 now allows for cost of living allowances for Mayors and City Clerks under local retirement plans, and the City Council deems it appropriate to authorize such future cost of living allowances for those members of the Jacksonville Municipal Officials' Retirement Trust who so qualify. NOW, THEREFORE, BE IT ORDAINED AND ENACTED BY THE CITY COUNCIL OF THE CITY OF JACKSONVILLE, ARKANSAS, THAT: SECTION ONE: JMC § 2.88.045 (Cost of Living Allowance) is hereby created and shall read as follows: For any Mayor of Jacksonville who shall retire from the Jacksonville Municipal Officials' Retirement Trust after February 28, 2007, the date of enactment of Act 293 of 2007, and who has remained retired for a minimum of Twelve (12) full months, a cost of living increase of no more than Three Percent (3 %) will be added to his /her retirement benefits on January 1 of each year. SECTION TWO: All Ordinances or parts of Ordinances in conflict herewith are hereby repealed to the extent of such conflict. SECTION THREE: This Ordinance shall take effect immediately upon passage and publication, as provided by and subject to the requirements of applicable law. pp APPROVED AND ADOPTED THIS Yj DAY OF JULY, 2008. CITY OF JACKSONVILLE, ARKANSAS s-' LL: IIij. �i de. //J TO Y AP', MAYOR ATTEST: r SUS & , U AVITT, C CLERK AP ST. 1. , r � ° moo._ ' ROBE "T E. BA' BURG, C A ORNEY '" '✓�