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RESOLUTION 2000-24 <br />THE UNITED STATES CONFERENCE OF MAYORS (USCM) <br />DEFERRED COMPENSATION PROGRAM <br />SAMPLE RESOLUTION OF THE COUNCIL OF THE CITY OF Hugo, MN <br />In the Matter of: ESTABLISHHING A DEFERRED COMPENSATION No. <br />PLAN FOR THE CITY Ougo F: <br />2000-24 <br />L Mary Ann Creager City Clerk of the City of Hugo , State of <br />Minnesota , do hereby certify that the following resolution, proposed by <br />Councilmember Chuck Haas. , seconded by Councilmember <br />Jim Leroux , was duly passed and adopted by the Council 2f the City of <br />Hugo , at a regular meeting thereof assembled this day of <br />August , AK 2000, by the following vote, to wit: <br />AYES: COUNCILMEMBERS: Barnes, Haas, Leroux, Petryk, Stoltzman <br />NOES: NONE <br />ABSENT: NONE <br />Mary Ann Creager City CLERK <br />CITY OF 411110 <br />WHEREAS, the City has considered the establishment of a Deferred Compensation Plan to be made <br />available to all eligible city employees, elected officials, and independent contractors pursuant to Federal <br />legislation permitting such Plans; and <br />WHEREAS, certain substantial tax benefits could accrue to employees, elected officials, and independent <br />contractors participating in said Deferred Compensation Plans; and <br />WHEREAS, such benefits will act as incentives to City employees to voluntarily set aside and invest <br />portions of the current income to meet their future financial requirements and supplement their City retire- <br />ment and Social Security (if applicable), at no cost to the City; and <br />WHEREAS, The U.S. Conference of Mayors has established a master prototype deferred compensation <br />program for cities and political subdivisions permitting its member cities and their employees to enjoy the <br />advantages of this program; <br />WHEREAS, The U.S. Conference of Mayors, as Plan Administrator, agrees to hold harmless and indemnify <br />the City, its appointed and elected officers and participating employees from any loss resulting from The U.S. <br />Conference of Mayors or its Agent's failure to perform its duties and services pursuant to The U.S. Conference <br />of Mayors Program; <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF Hugo, Minnesota <br />DOES HEREBY RESOLVE AS FOLLOWS: <br />The City Council hereby adopts the U.S. Conference of Mayors Deferred Compensation Program and its. <br />attendant investment options and hereby establishes the City of RRIZO - <br />Deferred Compensation Plan for the voluntary participation of all eligible city employees, elected officials <br />and independent contractors. <br />The Finance Director is hereby authorized to execute for the City, individual <br />participation agreements with each said employee requesting same, and to act as the "Administrator" of the <br />Plan representing the City, and to execute such agreements and contracts as are necessary to implement the <br />Program. It is implicitly understood that other than the incidental expenses of collecting and disbursing the <br />employee's deferrals and other minor administrative matters, that there is to be no cost to' the City for the <br />Program. <br />PASSED AND ADOPTED TH S 21st DAY OF August , 2000 <br />Hugo, MN <br />M YOR CITY <br />Clerk Hugo <br />QI�A <br />ATTEST: CITY QgixlQIR, CITY OF g <br />*This resolutio the necess technical language as to content and substance. If any change in <br />form is necessary itainsn order to comply with applicable city requirements, please make such changes. <br />DC -390—A (8/95) White — Service Center, Canary — Entity, Pink — PEBSCO Field Representative <br />