HomeMy WebLinkAboutR-93-24RESOLUTION NO.: R-93-24
A RESOLUTION OF THE CITY OF SEBASTIAN, XNDIAN RIVER
COUNTY FLORIDA, ADOPT~NGANALTERNAT~VE PROVIDER FOR ITS
DEFERRED COMPENSATION PL~; PROVIDING FOR REPEAL OF
RESOLUTIONS OR PieR. TS OF RESOLUTXONS IN CONFLICT HEREWITH;
PROVIDING FOR SEVEI~BILITY; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the city has previously established a Deferred
Compensation Plan to be made available to all city employees,
elected officials, and independent contractors pursuant to Federal
Legislation permitting 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 current
income to meet their future financial requirements and supplement
their city retirement (if applicable) and Social Security, at no
cost to the City; and
WHEREAS, The U.S. Conference of Mayors has established a
Master Prototype Deferred Compensation Program for cities and
political subdivisions permitting its member cities and their
employees to enjoy the advantages of this program; and
WHEREAS, The U.S. Conference of Mayors, as Plan Administrator,
agrees to hold harmless and indemnify the City, its appointed and
elected officers and participating employees from any loss
resulting from The U.S. Conference of Mayors or its Agent's failure
to perform its duties and services pursuant to The U.S. Conference
of Mayors Deferred Compensation Program.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA, that:
Section 1. The City Council hereby adopts the U.S. Conference
of Mayors Deferred Compensation Program and its attendant
investment options and hereby establishes the City of Sebastian
Deferred Compensation Plan for the voluntary participation of all
eligible city employees, elected officials and independent
contractors.
The City Manager is hereby authorized to execute for the City,
individual participation agreements with each said employee
requesting same, and to act as the City Administrator of the Plan
representing the City, and to execute such agreements and contracts
as are necessary to implement the program.
Section 2. CONFLICT. Ail resolutions or parts of resolutions
in conflict herewith are hereby repealed.
Section 3. SEVERABILITY. In the event a court of competent
jurisdiction shall hold or determine that any part of this
Resolution is invalid or unconstitutional, the remainder of the
Resolution shall not be affected and it shall be presumed that the
City Council of the City of Sebastian did not intend to enact such
invalid or unconstitutional provision.
It shall further be assumed that the city Council would have
enacted the remainder of this Resolution without such invalid and
unconstitutional provision, thereby causing said remainder to
remain in full force and effect.
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Section 4.
upon adoption by the city council.
The foregoing Resolution
Councilmember
vote was as follows:
EFFECTIVE DATE. This resolution shall take effect
was moved for adoption by
. The motion was seconded by
and, upon being put into a vote, the
Mayor Lonnie R. Powell
Vice-Mayor Frank Oberbeck
Councilmember Carolyn Corum
Councilmember Norma J. Damp
Councilmember Robert Freeland
The Mayor thereupon declared this Resolution duly passed as
/
adopted this C~k~ day of ~~ , 1993.
Attest:
Kathry~M. O'Halloran, CMC/AAE
City Clerk
(SEAL)
Approved as to Form and Content:
Charles Ian Nash
City Attorney
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