HomeMy WebLinkAboutRES 0920RESOLUTION NO. M) .
WHEREAS, the City of Renton deems it to the best interests
of the employees of the City to establish a payroll savings plan.
-for-. United States Savings Bonds so as to encourage automatic savings,
NOW, `HEREFORE,
BE IT RESOLVED BY THE MAYOR AND TNF CITY COUNCIL OF '2HE
CITY OF RENTON AS FOLLOWS:
SECTION I: There is hereby established in the office of
the City Treasurer a special fund, to be known as the "Employees'
Payroll Savings Bond Fund", which shall be a cumulative fund, and
the City Treasurer is hereby authorized and directed to place and de-
posit all payroll savings into said fund and to issue United States
Savings Bonds when paid for and as determined by the individual
employees' payroll savings plan.
SECTION II•
Application for payroll savings plan shall
be distributed among the city employees and any such application,
upon completion by the employee, shall be turned over to -the City
Treasurer or any other official in charge of said program as deter-
-mined by the Council, and thereupon the amount so designated on the
application by the employee shall automatically be deducted from
said employee's paycheck, periodically, until such time as the em-
ployee shall cancel such automa.tic.deduction.
PASSED BY THE CITY COUNCIL this 7
�l day of February, 1957.
Elton L. Alexander, City Clerk
APPROVED BY THE MAYOR this day of February, 1957-
i e R. Baxter, Mayo
Approved as to form:
Gerard M. Shellan, City Attorney