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April 10, 2018 WHEREAS, Article 8, Chapter 15, Subtitle II 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. NOW, 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 Other Post-Employment Benefits, in the form set forth in the Virginia Pooled OPEB Trust Fund Agreement (the “Agreement”), a copy of which is attached hereto as Exhibit A. 2. That the City of Portsmouth does hereby agree to become a “Participating Employer” in the “Virginia Pooled OPEB Trust Fund” (hereinafter, the “Trust Fund”), as further defined in the Agreement. 3. That the City of Portsmouth does hereby appoint the Board of Trustees of the Portsmouth Supplemental Retirement System to serve as the trustee of the City with respect to the Trust Fund, and as the “Local Finance Board” as defined in the Agreement. 4. That the City of Portsmouth does hereby direct the Local Finance Board to execute and deliver the Trust Joinder Agreement for Participating Employers under Virginia Pooled OPEB Trust Fund (“Trust Joinder Agreement”), a copy of which is attached hereto as Exhibit B. 5. That the City of Portsmouth does hereby designate the following benefits provided to individuals who have terminated their service to the City and to the dependents of such individuals as Other Post-Employment Benefits: City of Portsmouth Retired Employees Health Care Program, as amended from time to time. 6. That this Resolution shall take effect on the date of adoption.” Ayes: Clark, Lucas-Burke, Moody, Psimas, Whitaker, Rowe Nays: None 18 - 141 - Adoption of a motion to accept the donation by TowneBank of a replica TowneBank Building at Safety Town located at 4404 Deep Creek Boulevard.