RES 84-038 RESOLUTION AUTHORIZING THE MAYOR AND CITY MANAGER TO EXECUTE THE ICMA RETIREMENT TRUST

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APPENDIX B r DECLARATION OF TRUST G� - of ICMA RETIREMENT TRUST ARTICLE 1. Name and Definitions ARTICLE If. Creation and Purpose of the Trust;Ownership of Trust Property SECTION 1.1. Name. The Name of the Trust created hereby is the SECTION 2.1. Creation. The Retirement Trust is created and ICMA Retirement Trust. established by the execution of this Declaration of Trust by the Trustees SECTION 1.2. Definitions. Wherever they are used herein, the and the participating Public Employers. following terms shall have the following respective meanings: SECTION 2.2. Purpose. The purpose of the Retirement Trust is to (a) By-Laws. The By-Laws referred to in Section 4.1 hereof, as provide for the commingled investment of funds held by the Public amended from time to time. Employers in connection with their Deferred Compensation Plans.The (b) Deferred Compensation Plan.A deferred compensation plan Trust Property shall be invested in the Portfolios, in Guaranteed established and maintained by a Public Employer for the purpose Investment Contracts and in other investments recommended by the of providing retirement income and other deferred benefits to its Investment Adviser under the supervision of the Board of Trustees. employees in accordance with the provisions of section 457 of SECTION 2.3 Ownership of Trust Property. The Trustees shall have the Internal Revenue Code of 1954. as amended. legal title to the Trust Property. The Public Employers shall be the (c) Guaranteed Investment Contract.A contract entered into by beneficial owners of the Trust Property. the Retirement Trust with insurance companies that provides for a guaranteed rate of return on investments made pursuant to ARTICLE III. Trustees such contract. (d) ICMA. The International City Management Association. SECTION 3.1. Number and Qualification of Trustees. • (e) ICMA/RC Trustees. Those Trustees elected by the Public (a) The Board of Trustees shall consist of nine Trustees. Five of Employers who, in accordance with the provisions of Section the Trustees shall be full-time employees of a Public Employer 3.1(a)hereof,are also members.of the Board of Directors of ICMA (the Public Employee Trustees) who are authorized by such or RC. Public Employer to serve as Trustee.The remaining four Trustees shall consist of two persons who, at the time of election to the (f) Investment Adviser.The Investment Adviser that enters into a Board of Trustees, are members of the Board of Directors of contract with the Retirement Trust to provide advice with respect ICMA and two persons who,at the time of election,are members to investment of the Trust Property. of the Board of Directors of RC (the ICMA/RC Trustees).One of (g) Employer Trust. A trust created pursuant to an agreement the Trustees who is a director of ICMA,and one of the Trustees between RC and a Public Employer for the purpose of investing who is a director of RC,shall,at the time of election,be full-time and administering the funds set aside by such employer in employees of a Public Employer. connection with its deferred compensation agreements with its (b) No person may serve as a Trustee for more than one term in employees. any ten-year period. (h) Portfolios. The Portfolios of investments established by the SECTION 3.2. Election and Term. Investment Adviser to the Retirement Trust, under the supervision of the Trustees, for the purpose of providing (a) Except for the Trustees appointed to fill vacancies pursuant investments for the Trust Property. to Section 3.5 hereof,the Trustees shall be elected by a vote of a majority of the Public Employers in accordance with the (i) Public Employee Trustees. Those Trustees elected by the procedures set forth in the By-Laws. Public Employers who, in accordance with the provisions of Section 3.1(a) hereof, are full-time employees of Public (b) At the first election of Trustees, three Trustees shall be Employers. elected for a term of three years,three Trustees shall be elected for a term of two years and three Trustees shall be elected for a (j) Public Employer. A unit of state or local government,or any term of one year. At each subsequent election, three Trustees agency or instrumentality thereof, that has adopted a Deferred shall be elected for a term of three years and until his or her Compensation Plan and has executed this Declaration of Trust. successor is elected and qualified. (k) RC. The International City Management Association SECTION 3.3. Nominations. The Trustees who are full-time Retirement Corporation. employees of Public Employers shall serve as the Nominating (1) Retirement Trust. The Trust created by this Declaration of Committee for the Public Employee Trustees. The Nominating Trust. Committee shall choose candidates for Public Employee Trustees in (m) Trust Property.The amounts held in the Retirement Trust on accordance with the procedures set forth in the By-Laws. • behalf of the Public Employers.The Trust Property shall include SECTION 3.4. Resignation and Removal. any income resulting from the investment of theamountsso held. (a) Any Trustee may resign as Trustee(without need for prior or (n) Trustees. The Public Employee Trustees and ICMA/RC subsequent accounting)by an instrument in writing signed by the Trustees elected by the Public Employers to serve as members of Trustee and delivered to the other Trustees and such resignation the Board of Trustees of the Retirement Trust. shall be effective upon such delivery,or at a later date according 1