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HomeMy WebLinkAbout7267 (Res)e • RESOLUTION NO. 7266 RESOLUTION ESTABLISHING A DEFERRED COMPENSATION PLAN FOR THE CITY OF S'TILLWATER. WHEREAS, the City has considered the establishment of a Deferred Compensation Plan to be made available to all eligible city employees, elected officials, and independent contractors pursuant to the newly passed Federal legislation permitt- ing such Plans; and WHEREAS, certain substantial tax benefits could accrue to employees elected officials, and independent contractors participating in said Deferred Compensation Plans; and WHEREAS, such benefits will act as incentives to City employees to voluntarily set aside and invest portions of their current income to meet their future financial requirements and suppbment their City retirementand Social Security (if applicable), at no cost to the City; and WHEREAS, the U. 5. Conference of Mayors has established a master proto-type deferred compensation program for cities and political subdivisions permitting its member cities and their employees to enjoy the advantages of this program; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF STILLWATER, MINNESOTA DOES HEREBY RESOLVED AS FOLLOWS: The City Council hereby adopts the U. S. Conference of Mayors Deferred Compensa- tion Program and its attendant investment options and hereby establishes the City of Stillwater Deferred Compensation plan for the voluntary participation of all eligible city employees, elected officials and independent contractors. The City Coordinator is hereby authorized to execute for the City, individual participation agreements with each said employee requesting same, and to act as the "Administrator" of the plan representing the City, and to execute such agree- ments and contracts as are necessary to implement the Program. It is implicitly understood that other than the incidental expenses of collecting and disbursing the employee's deferrals and other minor administrative matters, that there is to be no cost or contribution by the City to the Program. Passed and adopted this 15th day of November, 1983 Published: November 21, 1983 Attest: Ci Clerk jlag ayoY Ma RESOLUTION NO. 7267 RESOLUTION AMENDING RESOLUTION NO. 7218. BE IT RESOLVED, by th. ..ity Council of the City of Stillwater, Minnesota that Resolution No. 7218 is hereby amended to add the following Plat Parcel of tax forfeited property be acquired by the City of Stillwater for street right-of-way: PLAT PARCEL NO. DESCRIPTION 9340-2260 Lot 2 and the North 10 feet of Lot 3, Cooper's Addition. Adopted by the Council this 15th day of November, 1983 Published: November 21, 1983 Attest JCit Clerk 7.1 5�� "'r Mayor ./ I.fprlw� a • • •