Resolution 1977-69A
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RESOLUTION NO. 77 - 69A
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GILROY PROVIDING GUIDELINES
FOR THE LEGAL ADVISOR OF AN ORGANIZATION THAT IS PURCHASING INSURANCE AND/
OR ANNUITY CONTRACTS FOR. ITS EMPLOYEES AND/OR INDEPENDENT CONTRACTORS FROM
THE HARTFORD VARIABLE ANNUITY LIFE INSURANCE COMPANY.
WHEREAS, the Council of the City of Gilroy, a municipal cor-
poration, desires to provide certain benefits for its employees as part
of their compensation, said Board does hereby authorize and approve enter-
ing into a Deferred Compensation Plan with those eligible to participate
as designated by the City Council; and
WHEREAS, in order to accumulate the appropriate funds to meet
the Organization's obligation to pay benefits to Participants in accord-
ance with the Deferred Compensation Plan, the Council does hereby authorize
and approve the purchase of insurance and/or annuity contracts as issued
by the Hartford Variable Annuity Life Insurance Company in such amounts as
may be appropriate to provide plan benefits; and
WHEREAS, it is the intention of the said Council that the pay-
ments made by the City of Gilroy for such insurance and/or annuity contracts
will not currently be considered as income paid to the employees concerned.
THEREFORE, BE IT RESOLVED that the City of Gilroy will be the
owner, beneficiary and have all rights under the said insurance or annuity
contracts and such contracts shall be held as a general, unpledged, and
unrestricted asset of the Organization.
BE IT FURTHER RESOLVED that the said Council hereby authorizes
the City Administrator of the City of Gilroy to act on its behalf in res-
pect to these insurance or annuity contracts and to formulate rules and
procedures for the purchase and administration of them.
PASSED AND ADOPTED this 17th day of October, 1977, by the
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RESOLUTION NO. 77-69A (/~--h61J-UM -17" 7a)
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following vote:
AYES:
COUNCIL MEMBERS: CHILDERS, CUNNINGHAM, HUGHAN,
LINK, PATE, STOUT and GOODRICH.
COUNCIL MEMBERS: None
NOES:
ABSENT:
COUNCIL MEMBERS: None
APPROVED:
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_..ayor
ATTEST:
RESOLUTION NO. 77-69A
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I, SUSANNE E. STEINMETZ, City Clerk of the City of Gilroy~ do
hereby certify that the attached Resolution No. 77-69A is an original
resolution, duly adopted by the Council of the City of Gilroy at a
regular meeting of said Council held on the 17th day of October
, 19~, at which meeting a quorum was present.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
official seal of the City of Gilroy, this 19thdayof October
, 19}2.