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<br />Resolution No. 03-1412 <br /> <br />A RESOLUTION ESTABLISHING A DEFERRED COMPENSATION PLAN <br />FOR THE CITY MANAGER OF THE CITY OF CASSELBERRY <br />PROVIDING FOR EXECUTION OF THE DECLARATION OF TRUST OF <br />THE VANTAGE TRUST COMPANY; PROVIDING FOR THE PROGRAM <br />COORDINATOR; PROVIDING FOR CONFLICTS; SEVERABILITY; <br />AND EFFECTIVE DATE. <br /> <br />WHEREAS, the Employer employs a City Manager rendering <br />valuable services; and <br /> <br />WHEREAS, the establishment of a deferred compensation plan <br />for such employee serves the interests of the Employer by <br />enabling it to provide reasonable retirement security for its <br />City Manager; and <br /> <br />WHEREAS, the Employer has determined that the establishment <br />of a deferred compensation plan to be administered by the <br />lCMA Retirement Corporation serves the above objectives; and <br /> <br />WHEREAS, the Employer desires that its deferred compensation <br />plan be administered by the lCMA Retirement Corporation, and that <br />some or all of the funds held under such plan be invested in the <br />Vantage Trust Company, a trust established by public employers for <br />the collective investment of funds held under their retirement and <br />deferred compensation plans. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY <br />OF CASSELBERRY, FLORIDA, AS FOLLOWS: <br /> <br />SECTION I. The Employer hereby adopts the deferred <br />compensation plan (the "Plan") in the form of the lCMA Retirement <br />Corporation Deferred Compensation Plan and Trust, referred to as <br />Appendix A. <br /> <br />SECTION II. The Employer hereby executes the Declaration of <br />Trust of the Vantage Trust Company, attached hereto as Appendix <br />B, intending this execution to be operative with respect to any <br />retirement or deferred compensation plan subsequently established <br />by the Employer, if the assets of the plan are to be invested in <br />the Vantage Trust Company. <br /> <br />SECTION III. The assets of the Plan shall be held in trust, <br />with the Employer serving as trustee, for the exclusive benefit <br />of the Plan participant and his beneficiaries, and the assets <br />shall not be diverted to any other purpose. <br />