1989.06.05 CC Minutes - Laserfiche WebLink

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City Council meeting of June 5, 1989 Page 8 specifically requested by employees and authorized by the City. This plan allows for an alternate method of compensation to employees if they so choose to participate. The retirement corporation has offered this nationally available public employee deferred compensation plan since 1972. The corporation is independent and has a non-profit status. Over 3200 local governments offer this deferred compensation plan to their employees. The current trust balance in the RC is in excess of 1 billion dollars. There are no costs to the employer other than the city's employee time in sending a single contribution check for all participants on a schedule convenient to the employer. Atkinson made motion, McAllister seconded, to adopt RESOLUTION 1989-13, RESOLUTION FOR THE CITY OF HUGO RELATING TO A DEFERRED COMPENSATION PLAN. VOTING AYE: McAllister, Jesinski, Olson, Vail, Atkinson All aye. Motion Carried. ESTABLISH SEALCOATING PROGRAM FUND (RESOLUTION) The City of Hugo is anticipating that in 1988 and 1989 nearly 20 miles of municipal roads will be paved. These improvements will be a result of developer constructed roadways, the City's capital improvements programs, and other road improvements petitioned for under Chapter 429 of the Public- Improvement ublicImprovement Code. In an effort to plan for the ungoing maintenance of these roads, City staff is recommending the establishment of a sealcoating maintenance fund that will make monies available when needed for maintenance in the next 4 to 5 years. It is the intent that this fund be established with bond proceeds, developer's deposits, and general fund contributions. All funds withdrawn from the fund are to be spent on sealcoating for projects contributing to the fund' McAllister made motion, Vail seconded, to adopt RESOLUTION 1989-14, RESOLUTION ESTABLISHING A SPECIAL SEALCOATING FUND OF 1993. VOTING AYE: McAllister, Jesinski, Olson, Vail, Atkinson Motion Carried. CHANGE JULY 3 COUNCIL MEETING DATE In that the first regular meeting of the City Council in July falls just prior to Independence Day, city staff thought the City Council may want to consider moving the Council meeting to Wednesday, July 5, 1989 at 7:00 PM in the City Hall Council chambers. Atkinson made motion, Olson seconded, that City Hall be closed on July 3, 1989 and the regular City Council meeting for the 1st Monday in July be moved to July 5, 1989. All aye. Motion Carried.