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February 14, 1984
<br />
<br /> In the past, the officials of the ICMA served directly as the trustees of retirment funds
<br />invested under the program. Now, a Board of Trustees of participating employers has been
<br />established that will monitor investment goals, review investment performance, and appoint
<br />auditors. The Board will have oversight responsibilities similar to those of the trustee
<br />boards of most public and prorate retirement funds. This Board of Trustees is provided for
<br />in the Declaration of Trust of the ICMA Retirement Trust, the execution of which is included
<br />in the proposed resolution of City Council. The proposed resolution also adopts a revised
<br />Trust Agreement with the ICMA Retirement Corporation which is in conformance with recently
<br />enacted Federal Regulations and includes the establishment of the Board of Trustees.
<br />
<br /> The proposed resolution conforms with the technical recommendation of the ICMA Retirement
<br />Corporation, and I recommend its adoption by the City CounCil."
<br />
<br /> On motion of Mr. Whitlow and seconded by Mrs. Webb, the following resolution was adopted,
<br />and by ~he following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE EXECUTION OF THE INTERNATIONAL CITY MANAGEMENT
<br />ASSOCIATION (I~A) RETIREMENT CORPORATION DECLARATION OF TRUST AND AMENDED
<br />TRUST AGREEMENT.
<br />
<br /> WHEREAS, the City of Portsmouth has previously established the ICMA Retirement Corporatio~
<br />Deferred Compensation Plan; and
<br />
<br /> WHEREAS, the Internal Revenue Service has issued a private letter ruling approving said
<br />plan document as complying with Section 457 of the Internal Revenue Code; and
<br />
<br /> WHERKAS, other public employers have joined together to establish the ICMA Retirement
<br />Trust for the purpose of representing the interests of the participating employers with respec
<br />to the collective investment of funds held under their deferred compensation plans; and
<br />
<br /> WHEREAS, said Trust is a salutary development which further advances the quality of
<br />administration for plans administered by the ICMA Retirement Corporation.
<br />
<br /> NOW, THEREFORE~ BK IT RESOLVED that the Council of the City of Portsmouth hereby approves
<br />the execution of the ICMA Retirement Trust, attached hereto as Appendix A and hereby adopts th,
<br />trust agreement with the ICMA Retirement Corporation, as appears at Appendix B hereto, as an
<br />amendment and restatement of its existing trust agreement with the ICMA Retirement Corporation
<br />and directs the ICMA Retirement Corporation, as Trustee, to invest all funds held under the
<br />deferred compensation plan through the ICMA Retirement Trust as soon as practicable.
<br />
<br /> BE IT FURTHER RESOLVED, except for the Joinder Agreement of the City Manager, which is to
<br />be executed by the Mayor, tke City Manager shall be the coordinator for this program and shall
<br />receive necessary reports and notices from the ICMA Retirement Corporation as Administrator,
<br />and shall cast, on behalf of the City of Portsmouth, any required votes under the program.
<br />Administrative duties to carry out the plan may be assigned by the City Manager to the appro-
<br />priate departments."
<br />
<br />Ayes: Barnes, Beamer, Gray,7!Holl~y, Webb, Whitlow, Johansen
<br />Nays: None
<br />
<br /> 84-58 - Letter from the City Manager recommending adoption of a resolution appointing
<br />viewers for the closing of a portion of Green Street,
<br />
<br /> "The Portsmouth Redevelopment and Housing Authority has made application to close a por-
<br />tion of Green Street between Portsmouth Boulevard and Argyle Street in connection with the
<br />~ffingham Redevelopment Project. As required by law the applicant has given the appropriate
<br />notice of application.
<br />
<br /> The attached resolution, if approved by City Council, appoints the necessary viewers
<br />and requests their recommendation.
<br />
<br />I recommend adoption of the resolution."
<br />
<br /> On motion of Mr. Gray and seconded by Mrs. Webb, the followin~ resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPOINTING VIEWERS FOR THE CLOSING OE A PORTION OF GREEN STREET.
<br />
<br /> WHEREAS, Portsmouth Redevelopment & Housing Authority has made application to vacate,
<br />close, and discontinue the hereinafter-described portion of Green Street, and it appearing tha
<br />notice of application and request for the appointment of viewers have been duly advertised as
<br />required by law.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that A
<br />N. Kendrick, Linon Vann, H. G. Hairston, James H. Griffin and James L. Linehan be appointed
<br />viewers, and that James Moss and George N. Powers, Sr. be appointed alternate viewers in the
<br />event one of the preceding viewers fails to participate, said viewers to view the hereinafter-
<br />described porti~Qn Of suck street, ~nd to report tQ this C~uncil in writing whether in their
<br />opin~onl an~,i and i~f any~, ~hat LncoaYeni~em~ce'~oUld me.s~lt fro~ yacating ~nd closin~ ~.he fo12
<br />Iow~g: ~
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