412.2 - SOURCE OF FUNDS.
412.2 SOURCE OF FUNDS. The fund for such pension and annuity retirement system shall be created from any or all of the following sources: 1. From the proceeds of the assessments on the wages and salaries of employees, of any such waterworks system, or other municipally owned and operated public utility, eligible to receive the benefits thereof. Notwithstanding any provisions of section 20.9 to the contrary, a council, board of waterworks, or other board or commission which establishes a pension and annuity retirement system pursuant to this chapter, shall negotiate in good faith with a certified employee organization as defined in section 20.3, which is the collective bargaining representative of the employees, with respect to the amount or rate of the assessment on the wages and salaries of employees and the method or methods for payment of the assessment by the employees. 2. From the interest on any permanent fund which may be created by gift, bequest, or otherwise. 3. From moneys derived from the operation of such waterworks, or other municipally owned and operated public utility, available and appropriated therefor by the council, board of waterworks trustees, or other board or commission, whichever is authorized by law to manage and operate such waterworks or other municipally owned and operated public utility. Such money so expended shall constitute an operating expense of such utility.
Section History: Early Form [C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 412.2]
Section History: Recent Form 2009 Acts, ch 179, §129 Referred to in § 412.3, 412.4