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R -18 -10 A RESOLUTION TO ADOPT A TRUST FOR OTHER POST - EMPLOYMENT BENEFITS. `'WHEREAS, Section 15.2 -1500 of the Virginia Code provides, in part, that every locality shall provide for all governmental functions of the locality, including without limitation, the organization of all departments, offices, boards, commissions and agencies of government, and the organizational structure thereof, which are necessary and the employment of the officers and other employees needed to carry out the functions of government; and WHEREAS, in connection with the employment of the officers and other employees needed to carry out the functions of government, the City of Portsmouth has established certain plans to provide post - employment benefits other than pensions (herein "Other Post - Employment Benefits "), as defined in Section 15.2 -1545 of the Virginia Code, to individuals who have terminated their service to the City of Portsmouth and to the beneficiaries of such individuals; and WHEREAS, Article 8, Chapter 15, Subtitle I1 of Title 15.2 of the Virginia Code (§§ 15.2 -1544, et seq.) provides that the governing body of a City may establish a trust for the purpose of accumulating and investing assets to fund Other Post - Employment Benefits; and WHEREAS, Section 15.2 -1300 of the Virginia Code provides that any power, privilege or authority exercised or capable of exercise by any political subdivision of the Commonwealth of Virginia may be exercised and enjoyed jointly with any other political subdivision of the Commonwealth having a similar power, privilege or authority pursuant to agreements with one another for joint action pursuant to the provisions of that section; and WHEREAS, any two or more political subdivisions may enter into agreements with one another for joint action pursuant to the provisions of Section 15.2 -1300 of the Virginia Code provided that the participating political subdivisions shall approve such agreement before the agreement may enter into force; and WHEREAS, the County of Fairfax, Virginia and the County of Henrico, Virginia have determined to jointly establish and participate in the Virginia Pooled OPEB Trust Fund (the "Trust Fund ") for each such county; and WHEREAS, it appearing to the Council of the City of Portsmouth, Virginia that it is otherwise in the best interests of the City to become a participating employer in the Trust Fund. NOS`', THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That the City of Portsmouth does hereby establish a trust pursuant to Section 15.2 -1544 of the Virginia Code for the purpose of accumulating and investing assets to fund