RES 85525 - Laserfiche WebLink

· APPENDIX C TRUST AGREEMENT WITH THE ICMA RETIREMENT CORPORATION AGREEMENT made by and between the Employer named in the provided, however, that the Employer may direct investment by the attached resolution and the International City Management Association Trustee among available investment alternatives in such proportions as Retirement Corporation (hereinafter the "Trustee" or "Retirement the Employer authorizes in connection with its deferred compensation Corporation"), a nonprofit corporation organized and existing under the agreements with its employees. For these purposes, these Trust Funds laws of the State of Delaware. for the purpose of investing and otherwise may be cornmingled with Trust Funds set aside by other Employers administering the funds set aside by Employers in connection with pursuant to the terms of the ICMA RetirementTrust. Investment powers deferred compensation plans established under section 457 of the vested in the Trustee by the Section may be delegated by the Trustee to Internal Revenue Code of 1954 (the"Code"). This Agreement shall take any bank, insurance or trust company, or any investment advisor, effect upon acceptance by the Trustee of its appointment by the manager or agent selected by it. Employer to serve as Trustee in accordance herewith as set forth in the attached resolution. Section 2.2. Administrative Powers of the Trustee. The Trustee shall WHEREAS. the Employer has established a deferred compensation plan have the power in its discretion: under section 457 of the Code (the "Plan"); (a) To purchase, or subscribe for, any securities or other WHEREAS, in order that there will be sufficient funds available to property and to retain the same in trust. discharge the Emptoyer's contractual obligations under the Plan, the Employer desires to set aside periodically amounts equal to the amount (b) To sell, exchange, convey, transfer or otherwise dispose of of compensation deferred; any securities or other property held by it, by private contract, or WHEREAS, the funds set aside, together with any and all assets derived at public auction. No person dealing with the Trustee shall be from the investment thereof, are to be exclusively within the dominion. bound to see the application of the purchase money or to inquire control, and ownership of the Employer, and subject tothe Employer's into the validity, expediency, or propriety of any such sale or absolute right of withdrawal, no employees having any interest other disposition. whatsoever therein; (c) To vote upon any stocks. bonds, or other securities; to give NOW. THEREFORE, this Agreement witnesseth that (a) the Employer general or special proxies or powers of attorney with or without will pay monies to the Trustee to be placed in deferred compensation power of substitution; to exercise any conversion privileges, accounts for the Employer; (b) the Trustee covenants that it will hold subscription rights. or other options. and to make any payments incidental thereto; to oppose, or to consent to, or otherwise said sums, and any other funds which it may receive hereunder, in trust for the uses and purposes and upon the terms and conditions participate in, corporate reorganizations or other changes hereinafter stated: and (c) the parties hereto agree as follows: affecting corporate securities, and to delegate discretionary powers, and to pay any assessments or charges in connection ARTICLE I. General Duties of the Parties. therewith; and generally to exercise any of the powers of an Section 1.1. General Duty of the Employer. The Employer shall make owner with respect to stocks, bonds, securities or other property regular periodic payments equal to the amounts of its employees' held as part of the Trust Funds. compensation which are deferred in accordance with the terms and (d) To cause any securities or other property held as part of the conditions of the Plan to the extent that such amounts are to be invested Trust Funds to be registered in its own name, and to hold any under the Trust. investments in bearer form, but the books and records of the Section 1.2 General Duties of the Trustee. The Trustee shall hold all Trustee shall at all times show that all such investments are a part funds received by it hereunder, which, together with the income of the Trust Funds. therefrom, shall constitute the Trust Funds. It shall administer the Trust (e) To borrow or raise money for the purpose of the Trust in such Funds, collect the income thereof, and make payments therefrom. all as amount, and upon such terms and conditions, as the Trustee shall hereinafter provided. The Trustee shall also hold all Trust Funds which deem advisable; and, for any sum so borrowed, to issue its are transferred to it as successor Trustee by the Employer from existing promissory note as Trustee, and to secure the repayment thereof deferred compensation arrangements with its Employees under plans by pledging all, or any part, of the Trust Funds. No person lending described in section 457 of the Code, Such Trust Funds shall be subject money to the Trustee shall be bound to see the application of the to all of the terms and provisions of this Agreement. money lent or to inquire into its validity, expediency or propriety of any such borrowing. ARTICLE II. Powers and Duties of the Trustee in Investment, (f) To keep such portion of the Trust Funds in cash or cash Administration, and Disbursement of the Trust Funds. balances as the Trustee, from time to time, may deem to be in the best interest of the Trust created hereby, without liability for Section 2.1. Investment Powers and Duties of the Trustee. The interest thereon. Trustee shall have the power to invest and reinvest the principal and income of the Trust Funds and keep the Trust Funds invested, without (g) To accept and retain for such time as it may deem advisable distinction between principal and income, in securities or in other any securities or other property received or acquired by it as property, real or personal, wherever situated. including, but not limited Trustee hereunder, whether or not such securities or other to, stocks, common or preferred. bonds. retirement annuity and property would normally be purchased as investment hereunder. insurance policies, mortgages, and other evidences of indebtedness or (h) To make, execute, acknowledge, and deliver any and all ownership, investment companies. common or group trust funds, or documents of transfer and conveyance and any and all other separate and different types of funds (including equity, fixed income) instruments that may be necessary or appropriate to carry out the which fulfill requirements of state and local governmental laws, powers herein granted.