RES-9419 Establishing Deferred Compensation PlanRESOLUTION NO. 9419
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE ESTABLISHING A DEFERRED
COMPENSATION PLAN UNDER SECTION 457 OF
THE INTERNAL REVENUE CODE; APPROVING (1)
A SERVICE PROVIDER AGREEMENT BY AND
BETWEEN THE CITY OF ORANGE AND
AMERICAN GENERAL RETIREMENT SERVICES
COMPANY AND (2) A CUSTODIAL AGREEMENT
BY AND BETWEEN THE CITY OF ORANGE AND
VALIC TRUST COMPANY; AND AUTHORIZING
CERTAIN INDIVIDUALS TO ACT ON BEHALF OF
THE DEFERRED COMPENSATION PLAN.
WHEREAS, the City of Orange ("City") is a municipal corporation which exercises
governmental functions and powers, and is organized and existing under the laws of the State of
California; and
WHEREAS, the City Council now desires to establish a Deferred Compensation Plan
the "Plan") under Section 457 of the Internal Revenue Code of 1986, as amended, for the benefit
of employees of the City and to approve various documents in connection therewith, including
1) a Service Provider Agreement with American General Retirement Services Company, a
Texas corporation that is a wholly owned subsidiary of The Variable Annuity Life Insurance
Company and duly authorized to do business in the State of California (the "Service Provider"),
for non-discretionary plan administrative services with respect to the Plan, and (2) a
Custodial Agreement with V ALIC Trust Company, a Texas trust company (the "Custodian"), whereby
the Custodian will hold, administer, and distribute deferred compensation contributions for
the benefit of the City's employees and their beneficiaries pursuant to the terms of the Plan;
and WHEREAS, the City Council desires to establish a custodial account for the
Plan pursuant to the terms and provisions of the Custodian Agreement, for which the Custodian
shall serve as custodian;
and WHEREAS, City desires to authorize certain individuals to act on behalf of the
Plan.NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ORANGE
DOES HEREBY RESOLVE AS
FOLLOWS:Section 1. Deferred Compensation Plan. The Deferred Compensation Plan, in
the form on file with the City Clerk, is hereby approved and established pursuant to Section 457
of the Internal Revenue Code of 1986, as presently or subsequently amended. The Mayor is
hereby authorized and directed to execute, and the City Clerk to attest, the Deferred Compensation
Plan,in said form, with such additions thereto or changes therein as are approved by the City'
Director of Finance upon consultation with the City Attorney, the approval of such additions or
changes to be conclusively evidenced by the execution and delivery of the Deferred
Compensation Plan by the Mayor.
Section 2. Service Provider Agreement. The Service Provider Agreement, in the form on
file with the City Clerk, is hereby approved. The Mayor is hereby authorized and directed to execute,
and the City Clerk to attest and deliver, the Service Provider Agreement, in said form, with such
additions thereto or changes therein as are approved by the City's Director of Finance upon consultation
with the City Attorney, the approval of such additions or changes to be conclusively evidenced by the
execution and delivery of the Service Provider Agreement by the Mayor.
Section 3. Custodian Agreement. The Custodian Agreement, in the form on file with the
City Clerk, is hereby approved. The Mayor is hereby authorized and directed to execute, and the City
Clerk to attest and deliver, the Custodian Agreement, in said form, with such additions thereto or
changes therein as are approved by the City's Director of Finance upon consultation with the City
Attorney, the approval of such additions or changes to be conclusively evidenced by the execution and
delivery of the Custodian Agreement by the Mayor.
Section 4. Custodial Account. The City Council hereby establishes a custodial account
and designates V ALIC Trust Company, a Texas trust company ("Custodian"), to be the non-
discretionary directed Custodian, for which the Custodian shall serve as custodian pursuant to the terms
and provisions of the Custodian Agreement. The custodial account is hereby established to hold,
administer, and distribute amounts pursuant to the terms of the Plan.
Section 5. Authorization for Officers to Act. The City Council hereby authorizes and
directs the individuals named below to do any and all things and take any and all actions and execute
any and all documents, which they, or any of them, may deem necessary or advisable or that the
Custodian requires relevant to the opening or maintaining of a custodial account for the Plan and to take
any and all action deemed by any of them to be proper in connection with said account and the Plan,
including, but not limited to, authority to give written or oral instructions to the Custodian with respect
to account transactions.
ADOPTED this 27th day of February, 2001.
ATTEST:
J-=6
Cassandra J. Cathc , ity Clerk of the City of Orange
Reso No. 9419 2 TJR
I hereby certify that the foregoing Resolution was duly and regularly adopted by the
City Council of the City of Orange at a regular meeting thereof held on the 27th day of
February, 2001, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCILMEMBERS: SLATER, ALVAREZ, MAYOR MURPHY, COONTZ
COUNCILMEMBERS: NONE
COUNCILMEMBERS: NONE
COUNCILMEMBERS: NONE
1f~~~~~~.v6
Cassandra J. Cathc , ity Clerk of the City of Orange
Reso No. 9419 3 TJR
RES -?2;/7 CERTIFICATE
OF CITY CLERK I,
the undersigned, hereby state and certify that:i)
I am the duly appointed, quali[ed and acting City Clerk of the City of Orange and,
as such, 1 am familiar with the facts herein certified and am authorized to certify
the same;ii)
Attached
hereto is a true and correct copy of Resolution No. 9419 entitled "A RESOLUTION OF
THE CITY COUNCIL OF THE CITY OF ORANGE EST ABUSHING
A DEFERRED COMPENSATION PLAN UNDER SECTION 457
OF THE INTERNAL REVENUE CODE; APPROVING (I) A SERVICE PROVIDER
AGREEMENT BY AND BETWEEN THE CITY OF ORANGE AND
AMERICAN GENERAL RETIREMENT SERVICES COMPANY AND (
2) A CUSTODIAL AGREEMENT BY AND BETWEEN THE CITY
OF ORANGE AND V AUC TRUST COMPANY; AND AUTHORIZING CERTAIN
INDIVIDUALS TO ACT ON BEHALF OF THE DEFERRED
COMPENSATION PLAN (the "Resolution");iii) The
Resolution was duly adopted by the City Council at a meeting held on February 27,
2001, at which a quorum was present and acting throughout, and the Resolution
has not been modified, amended, rescinded or revoked and is in full
force and effect as of the date hereof; and iv) The
following are the true and correct facsimile signatures of the Mayor, the City Manager,
the Director of Finance and the Assistant Director of Finance:MJd"~hf1-
7r M'Y#~k
Helen
Bell Director
of Finance David
L. Rudat City
Manager Richard
K. Jacob Assistant
Directo Dated:
E-
7 2001 rJw~~~~~Cassandra
J. Ca art City
Clerk