HomeMy WebLinkAboutResolution 9070 N.C.S. 02/17/1981~ ~ ~ - ~ P'-,LK:ad .2~-20-81
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F~esolution No:~~N. C. S.
of the :Ci~ty of Petaluma, California
A_RESOLUTION..OF THE. CITY COIJN'C;IL OF TME CI~TY:OF
PETALUMA~ APPROV~~ING A DEFERRED COMPENSATION PRQGRAM.
BE IT RESOLV'ED by. the. City Counci'1 as fol.l.ows:
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;. 1. The Ci ty Coun:ci~l~ o:f' the Gi ty of P.e:tal uma ~des i res to prov-i de cer-
tain benefits for its emp_loyees as~part of their compensa:ti,;on, and said City
_ Counci l does hereby auth~or.i;ze: •and ap;prov,e entering intoF a.Deferred Compensa-
tion ~P1an ~with those~employees el~i.gi'ble to ~partici':pate as ~:designated by the
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Ci ty of Petal uma; ~::, ~ ~
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I 2. - In, ordew to accumu°1ate, the appropria'te funds to. meet wi th the
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Ci ty ,of Petal uma' s ob'l i gati~o,n to pay :benef.i"ts ~ to parti;.e;i pants i n accordance wi th
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•the° De.ferred Compensati,on ~ Pl~a-n., th~e' Ci ty Counci.l does .hereby. authori ze and approve
the purchase of.insurance and/o~r ann~u.i-ty contr.acts as iss;ued' by the Hartford
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Vari'able Annui"ty Life Insu'rance Company" in such ~amoun.ts as may ,:be app.ropriate
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t~o pr~ ~v~ide p~.l:an benefi~ts;, ~ ~~ ~ .
' 3. It is.the intent~ion of `.the said City -Gounci:l that the payments
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made by the Ci ty of ~Peta;l uma' ~for. s,uch insuran'ce and/or ann~ui ty contracts wi l l
. not eurrentl.y be considered as°income paid~to ~the employees or independent con-
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tractors concerned.. ~~
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; 4. The Ci~~ty~ of Pe.tal~uma wi~11 .be the owner, ben:efi.c:iary and haue al l
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ri:ght,s under t'he ~said .i'nsurance ~o`r` annuity contracts an:d~ s~uch .;contracts sFial l
be heil d as a general , unpl e~dged, ~ and unrestri;:c~ted ,ass,et~ o:f the Gi ty of Petal uma.
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~ BE IT FURTHER.~: RESOLIIED.~that tfie Ci ty. Co.un.ei l hereby -a,uthori zes the
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-Gi"ty Mana,ger. of the Ci ty~'of~ Petal uma ~to ac:t ~on its behal~f in . respect, to these
i nsurance or annui ty. eon~tracts:.an,d' to fo~rmul ate. rul es and~ p~rqeedures for the
~:pu:rchase and administratibn of them, and ;to .execute any: documents necessary - .
to .impl"ement said program:
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' Und`er ithe :vower._a`nd authonty~nconferre_d tipon-,this= Couacil `by :the Charter ofr;said Citv. - Y'
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NOES: i
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.ABSENT.~ ." .
A'I°TEST: -
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I hereby ,cerfify the' foregoing;',Resolution was ~'introd'uced and adopted by `the ~ `
Council"`o`f tlie City of Petaluma at;.a (Regularj~ (,l~p(i~p~~k~$~y~~l) meeting• pP fvnd=as to
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on [he _...~:]-t~:l•-..;; day~ of < .~/ . ••••--..._, 19:~a:._, by the
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` following vote:. •' `~ ; _. _ _.k. i . : : ,
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. `: . ' . ~ t ~ City:~Atto;ney - . •••-
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C~OUNCIL~IEN P~E~RRY/HARBERSON~/BOND/V.~I`CE.;M~YOR aATTAGLIA~%GOUNC.TLMAN
CAVANAG' Q'R MATTE;I ' ~ ' ~ ~ ' ~ ~
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' . NCILPIAN~'BALS :
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Gity Clerk ~ ,~/~ Mayor :
~ . - ~ COUNCIL ~FILF ~ ~ ~ . ~ -
~ RES No..~.. an~n: N -r ~,: ~ ~ _ ~ .
.~FORNI `CA.2 `t/90~