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Januaw 8,2002 <br /> <br />WHEREAS, the City of Martinsville has established a deferred <br />compensation plan for such employees that serves the interest of <br />the City by enabling it to provide reasonable retirement security for <br />its employees, by providing increased flexibility in its personnel <br />management system, and by assisting in the attraction and <br />retention of competent personnel; and <br />WHEREAS, the City of Martinsville has determined that the <br />continuance of the deferred compensation plan will serve these <br />objectives; and <br />WHEREAS, amendments to the Internal Revenue Code have been <br />enacted that require changes to the structure of and allow <br />enhancements of the benefits of the deferred compensation plan; <br />NOW THEREFORE BE IT RESOLVED that the City of Martinsville <br />hereby amends and restates the deferred compensation plan (the <br />"Plan") in the form of the ICMA Retirement Compensation Deferred <br />Compensation Plan and Trust. <br />BE IT FURTHER RESOLVED that the assets of the Plan shall be <br />held in trust, with the City of Martinsville serving as trustee <br />("Trustee"), for the exclusive benefit of Plan participants and their <br />beneficiaries, and the assets shall not be diverted to any other <br />purpose. The Trustee's beneficial ownership of Plan assets held in <br />Vantage Trust shall be held for the further exclusive benefit of the <br />Plan participants and their beneficiaries; <br /> BE IT FURTHER RESOLVED that the City of Martinsville hereby <br /> agrees to serve as Trustee under the Plan. <br /> <br />Council Member Ferrill moved to adopt the following Consent Agenda items; the <br /> <br />motion was duly seconded and carried by the following vote, with all members voting: <br /> <br />Vote 5 - 0; Yeas (5) - Crabtree, Dallas, Ferrill, Roop, Teague; Nays (0) - None: <br /> <br />A. Accept and appropriate in the General Fund for the FY2001-02 Budget the <br /> <br />following: <br />1. $420.75 into Revenue line 01101917 442401 - Confiscated <br /> Assets/Police Department for Expenditure 01311085 506078 - <br /> Confiscated Assets/State <br />2. $74.25 into Revenue line 01101917 442402 - Confiscated <br /> <br />Assets/Commonwealth's Attorney for Expenditure 01221082 506105 - <br />Confiscated Assets/State <br /> <br />Mayor Crabtree recognized the City's new Commissioner of the Revenue, Ruth <br /> <br />Easley Krauss. He stated, also, that the Virginia Museum of Natural History remains in <br /> <br />Governor Gilmore's budget and the proposal by Senator Chichester and Delegate <br /> <br /> <br />