§ 2-129. Compensation.

(a)

The current city mayor shall not receive any monetary compensation for his services.

(b)

Commencing in May, 2003, an annual compensation of $5,000.00 to be paid by the city to the mayor on a quarterly basis of each annual fiscal year the mayor serves.

(c)

The city shall further provide $25,000.00 of term life insurance coverage, convertible to whole life at term, for the mayor. In addition to life insurance coverage, the mayor should have the option of participating in the city's group hospitalization and major medical insurance program. If the mayor chooses to participate in the city's hospitalization and major medical insurance program and selects dependent coverage, he shall reimburse the city for the cost of the dependent's coverage portion of the premium.

(d)

The compensation provided for in subsection (b) of this section shall commence in May 2003, as to the mayor then serving.

(e)

The compensation provided for in subsection (c) of this section shall remain in full force and effect as it existed on the date of the passage of this section.

(Code 1996, § 2-129; Ord. No. F-0533, § 1, 11-6-2000)