The plan may be terminated by the city at any time by delivering to the retirement
committee and the trustee, in writing, an ordinance of the city council, duly certified
by an official of the city, specifying that [a] the plan is being terminated, or [b]
contributions thereunder are being permanently discontinued. The plan shall automatically
terminate only upon adjudication by a court of competent jurisdiction that the city
is bankrupt or insolvent (whether such proceedings be voluntary or involuntary), upon
dissolution of the city or upon its liquidation, merger or consolidation without provisions
being made by its successor, if any, for the continuation of the plan. Upon termination
of the plan for any reason, the retirement committee shall cause the trust fund to
be distributed in accordance with section 54-171.
(Ord. No. 2003-27, § 1, 7-15-03)
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