HomeMy WebLinkAboutResolution No. 3108 RESOLUTION NO. 3108
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
AUTHORIZING THE CITY MANAGER TO ENTER INTO AN
ADMINISTRATION AGREEMENT WITH FINANCIAL INDUSTRIES
CORPORATION FOR A DEFERRED COMPENSATION PLAN, AND TO
TAKE FURTHER STEPS NECESSARY TO IMPLEMENT SUCH PLAN
WHEREAS, the City Council of the City of Downey desire to make
available to the employees of the City a Deferred Compensation Plan; and
WHEREAS, there has been presented to the City Council a proposed
Deferred Compensation Plan and a proposed Participation Agreement; and
WHEREAS, it is advisable that the City Council approve the same in
principle but authorizes the City Manager to make such changes therein from
time to time as may be necessary.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES RESOLVE
AS FOLLOWS:
SECTION 1. That that certain Deferred Compensation Plan
Administration Agreement between the City and Financial Industries Corpora-
tion, a copy of which is attached hereto, hereby is approved. The Mayor is
authorized to execute the same on behalf of the City.
SECTION 2. The Deferred Compensation Plan and the Participation
Agreement hereby are approved in principle and in concept, and the City
Manager hereby is authorized to make such changes therein from time to
time as may be necessary for the Plan to meet changing needs and conditions
and requirements of the Internal Revenue Service.
SECTION 3. The City Clerk shall certify to the adoption of this
Resolution.
APPROVED AND ADOPTED this 14th day of April, 1975.
Jo (1)rial!k
E. DiLoreto, Mayor
ATTEST:
� K
City Clerk
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by
the City Council of the City of Downey at a regular meeting thereof held
on the 14th day of April , 1975, by the following vote, to wit:
AYES: 4 Council Members: Winton, Scotto, Jennings, DiLoreto
NOES: 0 Council Members:
ABSENT: 1 Council Members: Temple
City Clerk