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Business Services Administration
Plaza Towers
555Capital Mill. Suiti.)695
AMENDMENT TO AGREEMENT Sacramento. California 95814
FOR INVESTMENT OF
P.0. Box 872. 95804 DEFERRED OOMPENSAT ION FONDS (916)444-K555
THIS AMENDMENT TO AGREEMENT is made . and executed this 1st day of
October, 198 3, between SACRAMENTO SAVINGS & LOAN ASSOCI AT TON,
her`l n a f L e r referred to as "SACRAMENTO SA V I NGS", a n d
1'RUCK EE DONNER PUBLIC UTILITY DISTRICT o hereinafter referred to as
"AGENCY", and amends that certain Agreement previously entered
into by the parties on November 15, 1982, as follows:
INVESTMENT OF FUNDS
(a) AGENCY agrees to invest the funds of Plan with Plan Administrator,
and Plan Administrator agrees to accept such funds for investment
in Certificates of Deposits.
(b) All funds on deposit shall be subject to all applicable rules,
regulations, and statutes of the California Department of Savings
and Loans: the Federal Home Loan Bank Board, the Federal Savings
and Loan Insurance Corporation, and all other applicable
regulatory authorities.
(c) The minimum investment allowed per pay period, per participant in
Plan shall not be Mess than $10.00 . or if more than this minimum
amount, in multiples of $5.00
Security and Service Since 1874 as Sacramento's oldest and Largest Savings and Loan Association
,rall Inc
-
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/W r,rr•Ar••11►�,A
j '1I::ti'U t1 1„j .�,� f�(_�k l �'!�1 ENT
FOR I N t'1;S rNf;N`I' Of' DEFERRED
��; i . rest .date is to be determined three (3) business
(c�} l C_ t111L1�t. TTtotl� .
c1-i ys prior to the beginning of a calendar quarter, and .SACRAMENTO
,11'1:ti'��,�' �� ;c���c�s to ad just the investment .interest rate at the
bets 1 11T1 1!)g (J, each calendar quarter as follows:
( T) It- the Account balance is less than $ 2,500, the interest
rate stla l 1 he 8110 compounded daily. The Account shall have
A fourteen (14) day mat u_ri t y, and the maturity date shalt
be. extended �n additional fourteen (14) days by any further
(Ie f)o.�i t.
1-f the Account balance is less than $ 100,000 but with a
min imum of $ 2,500 that amount shall be invested using r
whichever of the following .index rates will achieve the
highest annual yield rate:
(1) That rate then currently offered by SACRAMENTO
SAVINGS on the Six-Month Money Plarket Certificate
(26 meek Treasury Bill), w.i t h simple interest
compounded quarterly, on a 3601360 basis, or
_ f
now
•
A,I E'A'��Ir�l f�IV 7, 1'0 A G'RE EML'NT
FOR 12V I ES7'NEWT OF DEFERRED
c;ONFIEVS,1TION FUNDS
-910E' 3
(ii) That rare then currently offered by SACRAMENTO
SAVINGS on the Thirty-Month Money Market
Cc,rt..i t'-i c a L e wi th simple .i ntcrest compounded
quarterly, on a 3601360 basis, or;
Ci ii That rate then currently offered by SAC;RA.MENTO
SAVINGS on the IRAIKEOGH Fixed Rare Certificate,
w1 th simple interest compounded quarterly, on a
3601360 basis, cr ;
Ci v9 A 'FLOOR RATE of nine (9) per cent, with interest
compounded quarterly on a 3601360 basis.
(3) If' the Account balance is .less than $ 300,000 but with a
mi ninlum of $ 100,000 that amount shall be invested using
14-'hichever of the following .index rates will achieve the
highest annual yield rare:
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Set for motes
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TO 5.�1{\' j JM N./
FOR IN�EST11ENT OF DEFERRED
'l_�Ol1 P iN'�`�ATEON FUNDS
I'-A G E 5
INSURANCE of ACCOUNT(s)
-1CR.4M1,,N'r0 SAVINGS is a thrift institution whose accounts are insured
h�,, the federal Savings and Loan Insurance Corporation (FSLIC) said
i ns u r-C-inc e pro v i dcls maxi mum .insurance coverage of $ 100,000 for the
interest of each participant in the Deferred Compensation Fund Account.
.�'ACR.-,INILNTO SAVINGS agrees that it wi.11 not take any action or permit
ZIM, action which is in its control to be taken which would impair its
va t us as an insured institution during the terra of this Agreement or
�311ti extension thereof.
ALLOWABLE DISTRIBUTIONS
Internal Revenue Code Section 457 provides that funds are 'made
a va*]able" upon the occurrence of the following:
(a) TERMINATION (Voluntary -- Involuntary)
(b) DISABILITY (FULL)
(C) UNEQRI�SEEABLE EMERGENCY
(d) - RET I R EMEN?'
(e} DEATH
/► rA+.
'64 M 'NDMENT TO A CRFFMENT
FOR INVESTMENT OF DEFERRED
C0,11I'ENSAT-ION FUNDS
i'_1 an ticfmi ni-s tra or will honor requests of withdrawal from the Account
of Plan ONLY when authorized by Agency.
Eligible State Deferred Compensation distributions descr.i bed in
Internal Revenue Code Section 457 are paid from a Plan that defers
the receipt of compensation, and are wages for general tax purposes
under section 3401 (a) without regard to special pension withholding
rules,
COLLATERAL
S1WRAMI'.,'N7'O SAVINGS shall deposit with its designated Agent of
Depoi:_i Cory, Promissory Notes secured by First Trust Deeds upon
residenr_ial real property located in California. The unpaid ,
principal sum of said Notes shall at all times be in an amount at
_f oa.s t One flundr-ed Fifty (150) per cent of the amount de.-posited- by
fI,(-1 er)c:v in each participant sub-account which exceeds the FSLIC
Im 1ximuin insurance for each participant sub-account.
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�M�NT
POR N ST .4 'R,��Jy�,
VA>�NT Nr
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7 *D I�
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MON.-
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ha
1)0eds gran t e P°wer
of � wa
th to e
Trust e hOlder xerci s
f'r and e' on
� du °�'�sso benef• enforce
o, as ry No 1 CZar t
s tQ tes a ✓ of rh
ecUri w 1 ch n Whl ch a More
ng th there any s a,
e pro 1 s a pa ymen
un re �l.ssor �-�e n t j s
sel nde y N Pry or 90 d
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)as t•1 ce °r a �e�,d
been of de f n3' S�'c a.f
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8 u1 t urn t ?r�s t
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section ced o�'n re 'to
.z°n �°orsUa c°rde h1 ch
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f'�' c Sha1 orn3 e wh ch .
o"- ate not Code act•z on
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s az d d de sed ij P
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shag shal curi t y re
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8l1 far pt as o the I•
n1 a G ther�i 8l`��' o
o Bern se r f
LERj4men t �° °�Z de Code d here,
e, in
on 16600 o et
Thi Sep. .
s
Agre4 .
Vent s
rem all
a1 n i bQco
n forc a e.f fe .
in a un t ' C r1 o
jYrl t i z 1 �,�t c,tober
ng, her l9
and part y e 1983
t crod r�rs s to t � d sh
mail such erMI nar all
the the �r i t t�,n "e the
dat he of not . AgreA
e s her ,z ce _men t
et for Part y, o f t .
h Uadr �'h i n The erml na •
cd other
4gree tz on
t wenr n°t3 ce went s by
/ �' (120) w • hal i
c��s d h�ch terms
after Sys an shaj1 �nat�, o
receipt d not n°t b n
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uch th
o that
Sri�.ten na hand on
notice red ez
.i . ghty
mr-
APIENDML�NT TO A G'REEMENT
FOR TN VEST.41ENT OF DEFERRED
COMPENSATION 14'UNDS
PA GE 8
THE PARTIES FURTHER MUTUALLY AGREE chat in .all respects the terms and
conditions of the Agreement dated November 15, 1982 not affected by
the foregoing Amendment shall remain in full force and effect.
IN WITNESS WHEREOF the parties have executed this Amendment to
Ag rc.�eoen t Lhe day, month and year first above written,
TRUCKEE DONNER PUBLIC
UTILITY DISTRICT
BY
itle:
AGENCY
SACRAMENTO SAVINGS & LOAN
ASSOCIATION
/'000By
Title:
SACRAMENTO SA V INGS