05-13 - OTOWN OF PROSPER, TEXAS
ORDINANCE NO.05-13
TEXAS MUNICIPAL RETIREMENT SYSTEM
AN ORDINANCE PROVIDING FOR PARTICIPATION IN THE TEXAS MUNICIPAL RETIREMENT
SYSTEM BY THE EMPLOYEES OF THE ECONOMIC DEVELOPMENT CORPORATION OF THE
TOWN OF PROSPER, TEXAS, ON THE SAME BASIS UPON WHICH EMPLOYEES OF THE TOWN
ITSELF PARTICIPATE IN SAID SYSTEM, AND ESTABLISHING THE DATE ON WHICH THIS
ORDINANCE WILL BECOME EFFECTIVE.
WHEREAS, House Bill 2434, Acts of the 76th Legislature, Regular Session, amended Section 23
of the Development Corporation Act of 1979 (Article 5190.6, V.T.C.S.) to provide, among other things, that
any corporation created by a municipality under that Act may, with the consent of the municipality,
participate in any retirement program operated or participated in by the municipality; and
WHEREAS, the Town of Prosper, Texas (the "Town"), is a municipality that participates in the
Texas Municipal Retirement System (the "System") pursuant to the provisions of Government Code,
Subtitle G, Title 8, as amended (the "TMRS Act"); and
WHEREAS, the Town Council of the Town of Prosper, Texas, finds that it will be in the best
interest of the Town to have the employees of the Economic Development Corporation of the Town (the
"Corporation") participate in the System on the same basis upon which employees of the Town participate
in the System; now, therefore,
BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS:
Section 1. The Town hereby consents to the participation of the employees of the Corporation
in the System on the same basis upon which employees of the Town now and hereafter participate in the
System.
Section 2. All persons who, on or after the effective date of this ordinance, receive
compensation from the Corporation and are engaged in an appointive office or position with the
Corporation that normally requires services from the person for not less than 1,000 hours per year shall be
and are hereby required to become members of the System.
Section 3. All credit authorized under this ordinance shall be treated as if it were performed for
the Town, and all sums of money that may be computed by the System's actuary as being necessary to
fund the credit hereby granted shall constitute a charge against the Town's account in the municipality
accumulation fund of the System.
Section 4. This ordinance shall be and become effective on the 1 st day of March, 2005.
PASSED AND APPROVED this the 22nd day of February, 2005.
ATT T: APPROVED:
Shanae Jennin , Town Secr ary Charles Niswanger, MaKr