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Marah 25, 1986
<br />
<br />'~A RESOLUTION ESTABLISHING A DEFERRED COMPENSATIN PLAN FOR ELIGIBLE EMPLOYEES
<br />OF THE CITY AND AUTHORIZING THE CITY MANAGER TO EXECUTE A ~'~ASTER TRUST AGREEMENT
<br />WITH THE INTERNATIONAL CITY MANAGEMENT ASSOCIATION - RETIREMENT CORPORATION AND
<br />AUTHORIZING THE CITY MANAGER OR HIS DESIGNEE TO EXECUTE DEFERRED COMPENSATION
<br />JOINDER AGREEMENTS WITH ELIGIBLE EMPLOYEES.
<br />
<br /> WHEREAS, the City of Portsmouth, V~rginia has in its employee personnel who are and will
<br />be rendering valuable services to the City and its citizens; and
<br />
<br /> WHEREAS, Article III of Chapter 31 of the Code of the City of Portsmouth, Virginia
<br />authorizes the establishment of a Deferred Compensation Plan for employees of this City; and
<br />
<br /> WHEREAS, the City of Portsmouth, Virginia,
<br />more able to attract competent personnel to its
<br />security for their future; and
<br />
<br />receives benefits under the plan by
<br />sereice and assuring such personnel
<br />
<br />being
<br />reasonable
<br />
<br /> WHEREAS, the Deferred Compensation Plan has been made available to the City and its
<br />emp%byee~ by the Interna~ional City Management Association Retirement Corporation.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that
<br />a Deferred Compensation Plan be established for eligible employees, that the City Manager is
<br />hereby authorized to execute a Master Trust ~greement with the International City Management
<br />Association Retirement Corporation, such Trust Agreement being attached hereto as "Exhibit
<br />
<br /> BE IT FURTHER RESOLVED that the City Manager or his designee may, on behalf of the City
<br />of Portsmouth, Virginia, execute all Deferred Compensation Joinder Agreements which are neces
<br />sary for employees to participate in the Plan."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 86-94
<br />selection
<br />years and
<br />Company.
<br />
<br /> Letter from the City Manager recommending adoption of a motion to approve the
<br />of Peat, Marwick, Mitchell & Company as the City's auditors for an additional two
<br />to authorize the, City Manager to extend the contract with Peat, Marwick, Mitchell
<br />
<br /> "Enclosed is a letter from the Municipal Finance Commission
<br />accounting firm of Peat, Marwick, Mitchell ~ Co. continue as the
<br />additional two years.
<br />
<br />recommending that the public
<br />City's auditors for an
<br />
<br /> I concur with the recommendation of the Commission, since the price increase is very mod-
<br />est and the services have been completely satisfactory. I think it is a tribute to the
<br />cooperative efforts of the City Council, the School Board and the Parking Authority that such
<br />a combined approach is employed for the procurement of auditing services. I feel that this
<br />approach has provided maximum efficiency and effectiveness in this important area, and allows
<br />substantial savings for Portsmouth's citizens.
<br />
<br /> I, therefore, recommend approval of the selecton of Peat, Marwick, Mitchell g Co as the
<br />City's auditors for an additional two years and request authorization to extend the contract
<br />f~m the additional ~o years.
<br />
<br /> Motion of Mr.
<br />contract to Peat,
<br />tional two years,
<br />
<br /> Beamer and seconded by Mrs. Webb, that authorization be granted to execute
<br />Marwick, Mitchell & Company to cDntinue as the City's auditors for an addi-
<br />as requested, and was adopted by unanimous vote.
<br />
<br /> 86-95 Letter from the City Manager recommending adoption of a motion to add Commerce
<br />Bank to the previously designated list of authorized depositories.
<br />
<br /> "The City Code requries in Sections ll-7(a) and ll-9(a) that City funds
<br />the credit of the City in such banks as the Council may designate. Commerce
<br />to be added to the City's list of authorized depositories.
<br />
<br />be deposieddt~otn
<br />Bank has requeste~
<br />
<br />Portsmouth locations are as follows:
<br />
<br />1. City Hall Plaza Office
<br />2. 3301 High Street
<br />3. 5515 Portsmouth Blvd.
<br />4. Churchland Office
<br />
<br /> Generally, it has been our policy to designate any bank with an office located in the
<br />City, and who so requests, to be an authorized depository. ITh~re'is one exception; the First
<br />Virginia Bank of Nansemond is a depository due to its proximity to Portsmouth Sleepy Hole Golf
<br />Course.) Temporary loans and investments are placed by bid with these banks from time to
<br />time and individual account placement has been general]y based on degree of participation by
<br />the banks in servicing the City's financial needs. On the recommendation of the Director of
<br />Finance, the City Manager makes the determinations of the placement of the individual accounts
<br />at each of the depositories designated by the City Council.
<br />
<br /> I have placed on your agenda a motion to designate the following banks as authorized
<br />depositories for the funds of the City: American Bank, Atlantic National Bank, Bank of
<br />Virginia, central Fidelity Bank, Chesapeake Bank and Trust, Commerce Bank. Community Trust
<br />Bank, Dominion National Bank, First American Bank'~f Virginia, First Virginia Bank of Nansemon
<br />Sovran Bank N.A. and United Virginia Bank. This motion would add Commerce Bank to the previou~
<br />designated list of authorized depositories."
<br />
<br />
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