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1 <br />COUNCIL MEETING OCTOBER 24, 1988 <br />Resolution No. 79 - 88. Mr. Bisel seconded the motion. <br />Motion carried unanimously. <br />CITY OF LINO LAKES <br />RESOLUTION NO. 79 - 88 <br />RESOLUTION RELATING TO A DEFERRED COMPENSATION PLAN <br />WHEREAS, the City of Lino Lakes has employees rendering <br />valuable services; and <br />WHEREAS, the establishment of a deferred compensation <br />plan for such employees serves the interests of <br />the City of Lino Lakes by enabling it to provide <br />reasonable retirement security for its employees, <br />by providing increased flexibility in its per- <br />sonnel management system, and by assisting in the <br />attraction and retention of competent personnel; <br />and <br />WHEREAS, the City of Lino lakes has determined that the <br />establishment of a deferred compensation plan be <br />administered by the ICMA Retirement Corporation, <br />and such funds be held by the ICMA Retirement <br />Trust, a trust established by public employers <br />for the collective investment of funds held under <br />their deferred compensation plans and money pur- <br />chased retirement plans; <br />NOW THEREFORE BE IT RESOLVED, that the City of Lino Lakes <br />hereby executes the Declaration of Trust of the ICMA <br />Retirement Trust, attached hereto. <br />BE IT FURTHER RESOLVED, that the City Administrator shall be <br />the coordinator for the program and shall receive necessary <br />reports, notices, etc. from the ICMA Retirement Corporation <br />or the ICMA Retirement Trust, and shall cast, on behalf of <br />the Employer, any required votes under the program. <br />Administrative duties to carry out the phan may be assigned <br />to the appropriate departments. • <br />Passed the 24th day of 0 <br />PAGE 12 <br />045 <br />