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<br />RESOLUTION NO. 07-083 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON, <br />AMENDING CITY'S DEFERRED COMPENSATION PLAN <br /> <br />WHEREAS, the City has employees rendering valuable services; and <br /> <br />WHEREAS, the City has established a deferred compensation plan for such employees <br />that serves the interest of the City by enabling it to provide reasonable retirement security for its <br />employees, by providing increased flexibility in its personnel management system, and by <br />assisting in the attraction and retention of competent personnel; and <br /> <br />WHEREAS, the City has determined that the continuance of the deferred <br />compensation plan will serve these objectives; and <br /> <br />NOW, THEREFORE BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF <br />PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: <br /> <br />Section 1: The City hereby amends and restates the deferred compensation plan (the <br />"Plan") in the form of the ICMA Retirement Corporation Deferred Compensation Plan and Trust. <br /> <br />Section 2: The assets of the Plan shall be held in trust, with the City serving as Trustee <br />("Trustee"), for the exclusive benefit of Plan participants and their beneficiaries, and the assets <br />shall not be diverted to any other purpose. The Trustee's beneficial ownership of Plan assets <br />held in VantageTrust shall be held for the further exclusive benefit of the Plan participants and <br />their beneficiaries. <br /> <br />Section 3: The City hereby agrees to serve as Trustee under the Plan. <br /> <br />Section 4: City Clerk shall certify to the passage of this resolution and enter it into the <br />book of original resolutions. <br /> <br />PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at <br />a regular meeting held on January 16, 2007. <br /> <br />I, Karen Diaz, City Clerk of the City of Pleasanton, California, certify that the foregoing <br />resolution was adopted by the City Council at a regular meeting held on January 16, 2007, by <br />the following vote: <br /> <br />Ayes: <br />Noes: <br />Absent: <br />Abstain: <br /> <br />Councilmembers Cook-Kallio, McGovern, Sullivan, Thorne, Mayor Hosterman <br />None <br />None <br />None <br /> <br /> <br />A~O~::T~U <br /> <br />Michael H. Roush, City Attorney <br />