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<br />1~ <br /> <br />TUESDAY <br /> <br />OCTOBER 11, 1983 <br /> <br />--- <br /> <br />that she could or should pay the much larger amount of penalties and interest accrued. <br /> <br />After some discussion, which centered upon the responsibility of the surviving party in joint <br /> <br />ownerships and upon prior actions of Council in similar cases and on similar requests, as <br /> <br />cited in the administrative staff's report and--as pointed out by Councilmembers Severt <br /> <br />and Reed--some inconsistencies in Council's prior actions on like requests, Council <br /> <br />(upon motion by Councilman West and seconded by Vice-Mayor Oakes), by a vote of three- <br /> <br />-- <br /> <br />to-two (Mrs. Severt and Mr. Reed dissenting) authorized and directed that said penalties <br /> <br />and interest be waived (having found that Mrs. Fisher was not at fault for the failure <br /> <br />to pay the taxes due) upon the condition that said taxes due be paid within thirty days. <br /> <br />Upon recommendation of City Manager Edmonds, and to satisfy certain Federal regulations <br /> <br />as well as those of the Internal Revenue Service, Council unanimously adopted the fol- <br /> <br />lowing resolution amending the City's deferred compensation plan (for employees), as <br /> <br />administered by the ICMA Retirement Corporation, and authorizing the execution by the <br /> <br />City of certain documents relating thereto as well as adopting a related agreement and <br /> <br />directing the investment of funds held thereunder: <br /> <br />WHEREAS, the City of Martinsville, Virginia (Employer), maintains a <br />deferred compensation plan for its employees which is administered by <br />the ICMA Retirement Corporation (Administrator); and <br /> <br />- <br /> <br />WHEREAS, the Administrator has recommended changes in the plan docu- <br />ment to comply with recent federal legislation and Internal Revenue <br />Service Regulations governing said plans; and <br /> <br />WHEREAS, the Internal Revenue Service has issued a private letter <br />ruling approving said plan document as complying with Section 457 of <br />the Internal Revenue Code; and <br /> <br />WHEREAS, other public employees have joined together to establish the <br />ICMA Retirement Trust for the purpose of representing the interests <br />of the participating employers with respect to the collective invest- <br />ment of funds held under their deferred compensation plans; and <br /> <br />WHEREAS, said Trust is a salutary development which further advances <br />the quality of administration for plans administered by the ICMA <br />Retirement Corporation; now, therefore, <br />