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RESOLUTION NO.1994-5 8
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE TOWN OF FOUNTAIN HILLS,ARIZONA;
APPROVING THE ADOPTION OF THE ICMA RETIREMENT
CORPORATION DEFERRED COMPENSATION PLAN;AND
DECLARING AN EMERGENCY.
WHEREAS,the Town has employees rendering valuable
services;and
WHEREAS,the establishment of a deferred compensation
plan for such employees serves the interest of the Town 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 Town 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 Town desires that its deferred compensa
tion plan be administered by the ICMA Retirement Corporation,and
that 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;
NOW,THEREFORE,BE IT RESOLVED by the Mayor and Common
Council of the Town of Fountain Hills,Arizona,that,effective
November 1,1994,the Town hereby establishes a deferred
compensation plan known as the "Town of Fountain Hills Deferred
Compensation Plan"(hereafter,the "Plan")in the form of the
ICMA Retirement Corporation Deferred Compensation Plan;and
BE IT FURTHER RESOLVED,that the Mayor is hereby
authorized and directed to execute the documents establishing the
Plan;and
BE IT FURTHER RESOLVED,that the Mayor is hereby
authorized to execute the Declaration of Trust for the ICMA
Retirement Trust;and
BE IT FURTHER RESOLVED,that the Town Accountant shall
be the coordinator for the Plan;shall receive necessary reports
and notices from the ICMA Retirement Corporation or the ICMA
Retirement Trust;shall cast,on behalf of the Town,any required
votes under the ICMA Retirement Trust;may delegate any
administrative duties relating to the Plan to the appropriate
department;and
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BE IT FURTHER RESOLVED,that the Town hereby authorizes
Paul L.Nordin,Town Manager,to execute all necessary agreements
with the ICMA Retirement Corporation incidental to the admini
stration of the Plan;and
BE IT FURTHER RESOLVED,that the immediate operation of
this Resolution is necessary for the preservation of public
peace,health and safety and therefore an emergency is hereby
declared to exist and this Resolution shall be in full force and
effect immediately after its passage and adoption.
PASSED AND ADOPTED BY THE Mayor and Common Council of
the Town of Fountain Hills,Arizona,this ll+^\day of
(Oooc/Kb-er 1994.
ATTEST:
Cassie B.Hansen,
Town Clerk
APPROVED AS TO FORM,
William E.Farrell,
Town Attorney
REVIEWED BY:
Paul L.Nordin
Town Manager
TTCu tUTdJ ^Mayor
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