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<br />EXTRACT OF MINUTES OF MEETING <br />OF THE CITY COUNCIL <br />CITY OF ROSEVILLE <br />RAMSEY COUNTY, MINNESOTA <br /> <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of <br />Roseville, County of Ramsey, Minnesota was duly held on the 23rd day of March, 1998 at 6:30 p.m. <br /> <br />The following members were present: Maschka, Mastel, Wi ski, Goedeke, and Wall, and the <br />following were absent: None. <br /> <br />Member Mastel introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION NO. 9534 <br /> <br />RESOLUTION ESTABLISHING A 401(a) MONEY PURCHASE PLAN <br /> <br />WHEREAS: It is important that all City employees have an equal access to a tax deferred annuity <br />(457) plan and <br /> <br />WHEREAS: Currently the City Manager does not have a 457 plan available for his use, since the <br />City's contribution is directed to that plan and <br /> <br />WHEREAS: The City desires to establish a 401 (a) money purchase plan and that it be administered <br />by the ICMA Retirement Corporation and that the funds held under such a plan be invested in the <br />ICMA Retirement Trust, a trust established by public employers for the collective investment of <br />funds held under their retirement and deferred compensation plans: <br /> <br />NOW THEREFORE BE IT RESOLVED that the Employer hereby establishes or has established <br />a money purchase retirement plan (the "Plan") in the form of The ICMA Retirement Corporation <br />Prototype Money Purchase Plan and Trust, pursuant to the specific provision of the Adoption <br />agreement (executed copy attached hereto). <br /> <br />The plan shall be maintained for the exclusive benefit of eligible employees ant their beneficiaries; <br />and <br /> <br />BE IT FURTHER RESOLVED that the Employer hereby executes the Declaration of Trust of ICMA <br />Retirement Trust, attached hereto, intending this execution to be operative with respect to any <br />retirement or deferred compensation plan subsequently established by the Employer, if the assets of <br />the plan are to be invested in the ICMA Retirement Trust. <br /> <br />BE IT FURTHER RESOLVED that the Employer hereby agrees to serve as trustee under the Plan <br />and to invest funds held under the Plan in the ICMA Retirement Trust; and <br />