Resolution 648
RESOLUTION NO.648
RESOLUT[ON OF THE CITY COUNCIL OF THE CITY OF GILROY,
AUTHORIZING THE EXECUTION OF A GROUP ANNUITY CONTRACT
NO.G9145 OF PACIFIC MUTUAL LIFE INSURANCE COMPANY, AS
A PART OF THE RETIREMENT PROGRAM FOR THE EMPLOYEES OF
THE CITY OF GLLROY IN PLACE OF OLD GROUP ANNUITY CON-
TRACT NO~ G-5449 ,
WHEREAS, the City Council of the City of Gilroy has heretofore
adopted Ordinance Number 603 creating a retirement program for the
employees of the City of Gilroy; and
WHEREAS, the said program required the procurement, from such
insurance company as might be selected by the City Council, annuities
for and to be paid to the employees who may become eligible thereto,
upon and during their retirement; and
WHEREAS, the City Council did, after competitive bidding,
select the contract offered by the Pacific Mutual Insurance Company,
said contract being designated as Annuity Contract No. G-5449; and
WHEREAS, the Pacific Mutual Insurance Company now offers a new
contract, designated as Group Annuity Contract Number G-9145, which
is more advantageous to the City of Gi Iroy and its employees,
NOW, THEREFORE, BE IT RESOLVED, that the new contract with the
Pacific Mutual Insurance Company as submitted by it, be and the same
is hereby approved and adopted as a substitute for said Group Annuity
Contract No. G-5449 and the Mayor of the City of Gilroy is authorized
to execute the same on behalf of the City of Gilroy.
PASSED AND ADOPTED the
16th day of
October
, 1961, by the
foIl owi ng vote:
NOES:
COUNCIL MEMBERS: Duffin,Jordan,Petersen,Quartiroli ,and
Sanchez.
COUNCIL MEMBERS: None
AYES:
ABSENT:
COUNCIL MEMBERS: Goodrich, and Wentworth
APPROVE~ ~~
· Mayor tl
ATTEST:
)
(02/ g
I SUSANNE E. PAYNE
, .. ,
City Clerk of the City of Gilroy, do hereby certify that
the attached Resolution No. 648 is an original
resolution, duly adopted by the Council of the City of
Gilroy at a reGUlar meeting of said Council held on the
16th day of ____October , 192!-, at which
meeting a quorum was present.
IN HITNESS "IHEREOF, I have hereunto set rrr:r hand
and affixed the official seal of the City of Gilroy, this
17 th de.;r of
,<"."