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Resolution 9510006.900000 WSS /sds 04/05/99 RESOLUTION NO. 951 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, ADDING THE ICMA RETIREMENT CORPORATION TO THE DEFERRED COMPENSATION PLAN FOR ITS EMPLOYEES AND FIXING A TIME WHEN THE SAME SHALL BECOME EFFECTIVE. WHEREAS, the City of Edmonds has employees rendering valuable services; and WHEREAS, the establishment of a deferred compensation plan for such employees serves the interests of the City 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 City has determined that the establishment of a deferred compensation plan to be administered by the ICMA Retirement Corporation serves the above objectives; and WHEREAS, the City 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 ICMA Retirement Trust, a trust established by public employers for the collective investment of funds held under their retirement and deferred compensation plans; THE CITY COUNCIL OF THE CITY OF EDMO NDS, WASHINGTON, HEREBY RESOLVES AS FOLLOWS: Section 1. The City hereby adopts the deferred compensation plan (the "Plan ") in the form of the ICMA Retirement Corporation Deferred Compensation Plan and Trust, referred 229214 -1- to as Exhibit A, incorporated by this reference as fully as if herein set forth; Section 2. The Mayor is hereby authorized to execute and the City Clerk to attest to the Declaration of Trust of the ICMA Retirement Trust, attached hereto as Exhibit 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 ICMA Retirement Trust. Section 3. The Administrative Services Agreement for administration of the plan, attached as Exhibit C is approved and the Mayor is authorized to execute such Agreement. Section 4. The assets of the Plan shall be held in trust, with the City 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. Section 5. The Plan will permit loans. Section 6. The City hereby agrees to serve as trustee under the Plan. Section 7. The Mayor of the City of Edmonds or her designee shall be the coordinator for this program; shall receive necessary reports, notices, etc., from the ICMA Retirement Corporation or the ICMA Retirement Trust; shall cast, on behalf of the City, any required votes under the ICMA Retirement Trust; 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 of the Plan. 229214 -2- RESOLVED this 27' day of April, 1999. APPROVED: MAYOR, BARBARA S. FAHEY ATTEST /AUTHENTICATED : -&P 6�' CITY CLERK, SANDRA S. CHASE FILED WITH THE CITY CLERK: 04/23/99 PASSED BY THE CITY COUNCIL: 04/27/99 RESOLUTION NO. 951 229214 -3-