Resolution No. 8838
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RESOLUTION NO. 8838
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
VERNON APPROVING AND AUTHORIZING THE TERMINATION OF
THE CITY OF VERNON SUPPLEMENTAL EXECUTIVE
RETIREMENT PLAN AND THE CITY OF VERNON TRUST UNDER
THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN APPROVED
BY RESOLUTION 7753
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8 WHEREAS, on September 19, 2000, the City Council of the City
9 of Vernon adopted Resolution No. 7635, as amended by Resolution No.
10 7753 on May 2, 2001, approving the City of Vernon Supplemental
11 Executive Retirement Plan and the City of Vernon Trust Under
12 Supplemental Executive Retirement Plan (collectively, the "Plan"), in
13 order to retain key employees by providing them additional funds for
14 retirement; and
15 WHEREAS, Section 10.1 of the Plan states that the City may
16 terminate the Plan at any time and that upon termination each
17 Participant shall become immediately vested in the Plan accounts and
18 said accounts will be immediately distributable to the Participant; and
19 WHEREAS, the City desires to terminate the Plan.
20 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
21 CITY OF VERNON AS FOLLOWS:
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SECTION 1:
The City Council of the City of Vernon hereby
23 finds and determines that the recitals contained hereinabove are true
24 and correct.
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SECTION 2:
The City Council of the City of Vernon does
26 hereby approve the termination of the Plan and authorizes Wells Fargo
27 Bank, N.A., the Trustee of the Plan, to distribute the Plan accounts
28 (Account No. 11417000) to Part~cipants.
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SECTION 3:
The City Council of the City of Vernon does
2 hereby authorize the Acting City Clerk, or his designee, to execute
3 any and all documents necessary for the purpose of terminating the
4 Plan and distributing the Plan accounts.
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SECTION 4:
The City Council of the City of Vernon hereby
6 directs the Acting City Clerk, or his designee, to send a certified
7 copy of this Resolution to:
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Wells Fargo Bank, N.A.
Attn. Indra D. Sharma
ITS-Los Angeles
MAC E2828-101
707 Wilshire Blvd., 10th Floor
Los Angeles, CA 90017
SECTION 5:
The Acting City Clerk of the City of Vernon
13 shall certify to the passage of this resolution, and thereupon and
14 thereafter the same shall be in full force and effect.
15 APPROVED AND ADOPTED this 7th day of September, 2005.
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20 BRUCE V. MALKENHORST, JR., Acting City Clerk
~~.-C~.
-EONIS c. oMA URG, ayor
ATTEST:
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STATE OF CALIFORNIA
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COUNTY OF LOS ANGELES
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I, BRUCE V. MALKENHORST, JR., Acting City Clerk of the City of
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Vernon, do hereby certify that the foregoing Resolution, being
Resolution No. 8838, was duly adopted by the City Council of the City
of Vernon at a regular meeting of the City Council duly held on
Wednesday, September 7, 2005, and thereafter was duly signed by the
Mayor of the City of Vernon.
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BRUCE V. MALKENHORST, JR.
Acting City Clerk
(SEAL)
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