HomeMy WebLinkAbout28-74 RESOLUTION•
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RESOLUTION NO. a28-iT
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A RESOLUTION ESTABLISHING A DEFERRED COMPENSATION"PLAN
FOR THE CITY MANAGER.
WHEREAS, the City has in its employee Donald L. Grimes
in the position of City Manager, and
WHEREAS, Donald L. Grimes is and will be rendering Valuable
services to the City, and
WHEREAS, the City has considered the establishment of a
Deferred Compensation Plan for the City Manager, Donald L.
Grimes, made available to the City and to the City Manager
by the International City Management Association Retirement
Corporation, and
WHEREAS, certain income tax benefits accrue:' to the City
Manager through participation in the said plan, and
WHEREAS, the City recognizes that the tax advantages of
the said plan to the City Manager constitutes; a benefit to
the City by allowing the City to offer an additional "fringe
benefit" in recruiting and retaining qualified personnel
in its employment at no cost or charge to the City.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. That the Deferred Compensation Plan made
available to the City and to the City Manager by the
International City Management Association Retirement Cor-
poration be, and is hereby, established.
Section 2. That for the purpose of establishing said
Deferred Compensation Plan, the Mayor, City Clerk, and City
Manager, be, and hereby are, authorized and directed to
execute the Trust Agreement with the International City
Management Association Retirement Corporation and the
Deferred Compensation Employment Agreement attached
hereto marked Exhibit "A" and Exhibit "B" respectively
and made a part hereof. I'
PASSED AND APPROVED THIS 1 DAY OF /K Q,u , 1974.
APPROVED: /
ATTEST:
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CITY
(a4";MAYOR
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