HomeMy WebLinkAboutRES 1982-58 - Board RESOLUTION NO. S�_
OF THE
TRUCKEE DONNER PUBLIC UTILITY DISTRICT
APPROVING AND AUTHORIZING EXECUTION OF AGREEMENT
WITH SACRAMENTO SAVINGS & LOAN ASSOCIATION FOR
ADMINISTRATION OF THE DEFERRED COMPENSATION PLAN
WHEREAS, the, Truckee Donner Public Utility District desires ser-
vices relating to the administration of its deferred compensation plan;
and
WHEREAS, Sacramento Savings & 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 Beard 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 Ut i l.i.ty Dis-
trict and Sacramento Savings & Lean Association,
copy of which .is attached (-As Exhibit "A" ,
to which copy reference is hereby made for full
particulars concerning the term._ 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: Huber, VanLandingham and Corbett.
NOES: Kuttol.
ABSENT: Maass.
TRUC:KEE DONNER PUBLIC UTILITY DISTRICT
By
P Osident
e'
ATTEST:
.f
r
Susan M. Craig, Deputy District Clerk
JOINT POWERS AGREEMENT
IT IS HEREBY AGREED AS FOLLOWS:
1- The North Tahoe Public Utility District, Tahoe City Public Utili
District and Truckee Donner Public Utility I -ty
-I- 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-
d 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 agen,Aes, as provided by their respet-tive
plans. The investment of funds standing in the name of the North Tahoe� Pub-
1.1*c 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 -1'nd,
likewise, as to the -interests of the several elinployees whose salaries havec
been deferred.
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 plant 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 par t j_#,n__Ds. I f the investment
funds are in a fixed term investment ending more than sixty days after notice
is given, the agreement shall terminate when the f ixed term ends.
t rtm
6- In the event of any disagreeii1eint between the cor ittees 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 or Board President of t
three agencies after approval of the areemen he
g t by the Boards of each agency.
Dated
NORTH TAHOE PUBLIC UTILITY DISTRICT
Dated:
TAHOE CITY PUBLIC UTILITY DISTRIC' T
D a t e d 1 I-V Ja i
rCRfiCKEE DONNER PUBLIC UTILITY DISTRICT
Exhibit "A"
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