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IN 0 kb 01V R-MWEI <br />RESOLUTION OF THE CITY COUNCIL <br />NO. 3056 <br />(1) The City Council hereby adopts the U.S. Conference <br />of Mayors Deferred Compensation Program and its <br />attendant investment options and hereby establishes <br />the City of Orono Deferred Compensation Plan for <br />the participation of all eligible City Employees <br />and elected officials; and <br />(2) The City Administrator or his designee are hereby <br />authorized to execute for the City, individual <br />participation agreements with each said employee <br />requesting same, and to act as the "Administrator" <br />of the Plan representing the City, and to execute <br />such agreements and contracts as are necessary to <br />implement the Program. It is implicitly understood <br />that other than the incidental expenses of <br />collecting and disbursing the employee's deferrals <br />and other minor administrative matters, that there <br />is to be no cost to the city for the Program. <br />(3) The Mayor and City Clerk are hereby authorized to <br />execute the necessary documents to allow the City <br />of Orono to authorize its Deferred Compensation <br />Program with the United States Conference of Mayors <br />to include all city employees, to enable the <br />program to be used as an optional pension plan for <br />Orono "OBRA" employees. <br />Adopted by the City Council of the City of Orono, <br />Minnesota at a regular meeting held December 9, 1991. <br />Barbara A. Peterson, Mayor <br />ATTEST: <br />F1 v- v v / • 4 <br />orothy M allin, City Cler <br />