(a)     Member contributions.

(1)     Amount. Each member of the system shall be required to make regular contributions to the fund in the amount of four and seventy-five hundredths (4.75) per cent of his salary.

Member contributions withheld by the city on behalf of the member shall be deposited with the board immediately after each pay period. The contributions made by each member to the fund shall be designated as employer contributions pursuant to 414(h) of the code. Such designation is contingent upon the contributions being excluded from the members' gross income for Federal Income Tax purposes. For all other purposes of the system, such contributions shall be considered to be member contributions.

(2)     Method. Such contributions shall be made by payroll deduction.

(3)     Prior contributions. In addition to any amount contributed pursuant to subsection (1) hereof, member contributions shall be considered to include amounts actually contributed by members prior to October 1, 1975, plus those assumed and deposited by the city on behalf of members since that date in the amount of five (5) per cent of earnings; however, no contributions shall be assumed to be made by the city on behalf of those who become members after May 9, 1978.

(b)     State contributions. Any monies received by reason of laws of the State of Florida, for the express purpose of funding and paying for retirement benefits for firefighters of the city shall be deposited in the fund comprising part of this system immediately and under no circumstances more than five (5) days after receipt by the city.

(c)     City contributions. So long as this system is in effect, the city shall make contributions to the fund, at least quarterly, in an amount equal to the difference in each year, between the total aggregate member contributions for the year, plus state contributions for such year, and the total cost for the year, as shown by the most recent actuarial valuation of the system. The total cost for any year shall be defined as the total normal cost plus the additional amount sufficient to amortize the unfunded past service liability as follows:

(1)     The unfunded actuarial accrued liability existing September 30, 1992 over twenty-five (25) years commencing October 1, 1992;

(2)     Changes in unfunded actuarial accrued liability from revisions to experience assumptions, actuarial cost methods and benefits over thirty (30) years commencing the October 1st coincident with or next following the date of the change; and

(3)     Changes in unfunded actuarial liability from differences between assumed and actual experience over thirty (30) years commencing with the as of date of the actuarial valuation determining the change.

In any event, the contribution shall be made to comply with the requirements of Part VII of F.S., Ch. 112.

(d)     Other. Private donations, gifts and contributions may be deposited to the fund, but such deposits must be accounted for separately and kept on a segregated bookkeeping basis. Funds arising from these sources may be used only for additional benefits for members, as determined by the board, and may not be used to reduce what would have otherwise been required city contributions.