Pursuant to section 855.407(f) of the TMRS Act, the city hereby elects to make future
normal and prior service contributions to its account in the municipal accumulation
fund of the system at such combined maximum rate, not exceeding fifteen and one-half
(15.50) percent of the total compensation paid by the city to employees who are members
of the system, as the system's actuary shall annually determine as the rate necessary
to fund, within a period of twenty-five (25) years from the latest actuarial valuation
date, the costs of all benefits heretofore undertaken to be provided by the city and
which are chargeable to or are to be paid out of the city's account in said accumulation
fund.
