Reso 2005-691/ - . '1,
RESOLUTION No. 2005 -691
COSTA MESA SANITARY DISTRICT
Account Number: 5727
Resolution of the Costa Mesa Sanitary District, California (the "Employer")
WHEREAS, the Employer has employees rendering valuable services; and
WHEREAS, the establishment of a deferred compensation plan for such
employees serves the interest of the Employer by enabling it to provide reasonable
retirement security for its employees, by providing increased flexibility in its personnel
management system, and by assisting in the attraction and retention of competent
personnel; and
WHEREAS, the Employer has determined that the establishment of the deferred
compensation plan to be administered by the ICMA Retirement Corporation serves the
above objectives; and
WHEREAS, the Employer desires that its deferred compensation plan be
administered by the ICMA Retirement Corporation, and that some or all of the funds
held ,under such plan be invested in the Vantage Trust Company, a trust established by
the public employers for the collective investment of funds held under their retirement
and deferred compensation plans;
NOW, THEREFORE BE IT RESOLVED, that the Employer hereby adopts the
deferred compensation plan (the "Plan ") in the form of the ICMA Retirement
Corporation's Deferred Compensation Plan and Trust, referred to as Appendix A.
BE IT FURTHER RESOLVED, that the Employer hereby executes the
Declaration of Trust of the Vantage Trust Company, attached hereto as Appendix B,
intending this execution to be operative with respect to any retirement or deferred
compensation plan subsequently established by the Employer, if the assets of the plan
are to be invested in the Vantage Trust Company.
BE IT FURTHER RESOLVED, that the assets of the Plan shall be held in trust,
with the Employer serving as trustee, for the exclusive benefit of the Plan participants
and their beneficiaries, and the assets shall not be diverted to any other purpose.
BE IT FURTHER RESOLVED, that the Plan will not permit loans.
BE IT FURTHER RESOLVED, that the Employer hereby agrees to serve as
trustee under the Plan.
BE IT FURTHER RESOLVED, that the District Treasurer shall be the coordinator
and contact for the Plan and shall receive necessary reports, notices, etc. from the
ICMA Retirement Corporation or the Vantage Trust Company; shall cast, on behalf of
the Employer, any required votes under the Vantage Trust Company; Administrative
duties to carry out the plan may be assigned to the appropriate departments, and is
authorized to execute all necessary agreements with ICMA Retirement Corporation
incidental to the administration the Plan.
PASSED AND ADOPTED this day of OL 2004, by the following
vote:
AYES: Arlene Schafer, Greg Woodside, James Ferryman
Arthur-Perry, Dan Worthington
NOES:
ABSTENTIONS:
ABSENT:
President of the B
STATE OF CALIFORNIA)
COUNTY OF ORANGE ) SS
CITY OF COSTA MESA )
Se-cretar, of :the Bard
I, Joan Revak, Clerk of the Costa Mesa Sanitary District, hereby certify that the
above and foregoing Resolution No. 2005 -691 duly and regularly passed and adopted
by said Board of Directors at a regular meeting thereof held on the _1L day of
2004.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
the Costa Mesa Sanitary District, this -/,day of a �, 2004.
Clerk of th CG -ta esa Say ita v District