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HomeMy WebLinkAboutRes 82580(1 RESOLUTION NO. 82^y OF THE TRUCKEE DONNER PUBLIC UTILITY DISTRICT APPROVING AND AUTHORISING EXECUTION OF AGREEMENT WITH SACRAMENTO SAVINGS & LOAN ASSOCIATION FOR ADMINISTRATION OF THE DEFERRED COMPENSATION PLAN I I WHEREAS, the Truckee Dormer Public Utility District desires ser- vices relating to the administration of its deferred compensation plan; and WHEREAS, Sacramento Savings s Loan Association, Sacramento, Cal- ifornia, has represented that it possesses the knowledge and experience to provide such administrative services; and WHEREAS, the Truckee Donner Public Utility District desires to enter into an agreement with Sacramento Savings & Loan Association for the administration of its deferred compensation plan; NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Truckee Donner Public Utility District as follows: 1. That certain agreement entitled "Agreement for Administration of Deferred Compensation Plan" by and between the Truckee Donner Public Utility Dis- trict and Sacramento Savings & Loan Association, copy of which is attached hereto as Exhibit "A" , to which copy reference is hereby made for full particulars concerning the terms and conditions thereof, is hereby approved. 2. The President of the Board is hereby authorized and directed to execute the agreement approved herein for and on behalf of the Truckee Donner Public Utility District. PASSED AND ADOPTED by the Board of Directors of the Truckee Donner Public Utility District at a duly called regular meeting held in said Dis- trict on the 15th day of November , 1982, by the following roll call vote: AYES: lluber, Vanl.andinqham and Corbett. NOES: Kuttel. ABSENT: Maass. TRUCKEE DONNER PUBLIC UTILITY DISTRICT I ATTEST: By jc^VrvA-^i President Susan M. Craig, Deputy Disftict Clerk JOINT POWERS AGREEMENT IT IS HEREBY AGREED AS FOLLOWS: / I 1. The North Tahoe Public Utility District, Tahoe City Public Utility District and Truckee Donner Public Utility District do hereby enter this joint powers agreement for the purpose of managing, to their mutual benefit, their respective deferred compensation plans. Each of such plans has re- ceived the approval of the Internal Revenue Service of the United States. 2. The administration of the plan shall be vested in the deferred com- pensation committees of the three agencies, as provided by their respective plans. The investment of funds standing in the name of the North Tahoe Pub- lic Utility District shall be determined by the committee of that agency; the investment of funds standing in the name of the Tahoe City Public Utility District shall be determined by the committee of that agency; the investment of funds standing in the name of the Truckee Donner Public Utility District shall be determined by the committee of that agency. Funds may be comingled for the purpose of enhancing investment opportunities, but an accurate record shall be kept as to the funds standing in the names of the three agencies and, likewise, as to the interests of the several employees whose salaries have been deferred. I 3. For the purposes of convenience, the committees may appoint an of- ficer of any of the three agencies to carry out the investment direction of the committees. Any costs incurred shall be shared by the agencies in direct proportion to the interest of the agencies in the investment plan. Such costs may be passed on by the agencies to the participants in the plan, in propor- tion to the amount of the investment of such participants in the plan. 4. Each agency agrees to keep the deferred compensation plan current with rules of the Internal Revenue Service. 5. Any party to this agreement may terminate the agreement upon giving not less than sixty (60) days notice to the other parties. If the investment funds are in a fixed term investment ending more than sixty days after notice i:, given, the agreement shall terminate when the fixed term ends. b. In the event of any disagreement between the committees as to where investments shall be made, the investment shall be made as each agency com- mittee directs. 7. This agreement shall be executed by the Manager ->r Board President of the three agencies after approval of the agreement by the Boards of each agency. Dated: NORTH TAHOE PUBLIC UTILITY DISTRICT Dated: Dated = J^/£ TAHOE CITY PUBLIC UTILITY DISTRICT /^/^ ^it^v^^ ./h*-^-^ TOpCKEE DONNER PUBLIC UTILITY DISTRICT Exhibit "A"