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<br />BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the Employer serving as <br />trustee, for the exclusive benefit of the Plan participants and their beneficiaries, and the assets shall not be <br />diverted to any other purpose. <br /> <br />BE IT FURTHER RESOLVED that the Plan: <br /> <br />1. Will not permit loans <br />2. Will not offer a Sidecar IRA program <br /> <br />BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee under the Plan. <br /> <br />BE IT FURTHER RESOLVED that the City Administrator or hislher designee shall be the coordinator for <br />this program; shall receive necessary reports, notices, etc. from the ICMA Retirement Corporation or the <br />VantageTrust Company; shall cast, on behalf of the Employer, any required votes under the VantageTrust <br />Company; Administrative duties to cany out the plan may be assigned to the appropriate departments, and is <br />authorized to execute all necessary agreements with ICMA Retirement Corporation incidental. to the <br />administration of the plan. <br /> <br />PASSED AND ADOPTED by the City Council this 25th day of August, 2004. <br /> <br />Attest <br /> <br />City Qerk <br /> <br />Mayor <br />