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RESOLUTION # 93— 11 — ••t <br /> THE UNITED STATES CONFERENCE OF MAYORS (USCM) DEFERRED <br /> COMPENSATION PROGRAM <br /> IN THE MATTER OF : ESTABLISHING A DEFERRED COMPENSATION PLAN FOR <br /> THE CITY OF BATESVILLE <br /> I , DENISE M . JOHNSTON , CITY CLERK OF THE CITY OF BATESVILLE , STATE <br /> OF ARKANSAS, DO HEREBY CERTIFY THAT THE FOLLOWING RESOLUTION , <br /> PROPOSED BY COUNCILMEMBER Ford , SECONDED BY <br /> COUNC I LMEMBER Mitchum , WAS DULY PASSED AND <br /> ADOPTED BY THE COUNCIL OF THE CITY OF BATESVILLE, AT A REGULAR <br /> MEETING THEREOF ASSEMBLED THIS 23 DAY OF November , <br /> 19 93 , BY THE FOLLOWING VOTED, TO WIT : <br /> AYES : COUNCILMEMBERS : All Councilmembers voted for the resolution <br /> NOES 0 <br /> ABSENT : 0 <br /> City CLERK <br /> CITY OF BATESVILLE . <br /> WHEREAS, THE CITY HAS CONSIDERED THE ESTABLISHMENT OF A <br /> DEFERRED COMPENSATION PLAN TO BE MADE AVAILABLE TO ALL ELIGIBLE <br /> CITY EMPLOYEES, ELECTED OFFICIALS, AND INDEPENDENT CONTRACTORS <br /> PURSUANT TO FEDERAL LEGISLATION PERMITTING SUCH PLANS ; AND <br /> WHEREAS, CERTAIN SUBSTANTIAL TAX BENEFITS COULD ACCRUE TO <br /> EMPLOYEES , ELECTED OFFICIALS , AND INDEPENDENT CONTRACTORS <br /> PARTICIPATING IN SAID DEFERRED COMPENSATION PLANS ; AND <br /> WHEREAS, SUCH BENEFITS WILL ACT AS INCENTIVES TO CITY <br /> EMPLOYEES TO VOLUNTARILY SET ASIDE AND INVEST PORTIONS OF THE <br /> CURRENT INCOME TO MEET THEIR FUTURE FINANCIAL REQUIREMENTS AND <br /> SUPPLEMENT THEIR CITY RETIREMENT AND SOCIAL SECURITY SIF <br /> APPLIABLE) , AT NO COST TO THE CITY; AND <br /> WHEREAS, THE U . S . CONFERENCE OF MAYORS HAS ESTABLISHED A <br /> MASTER PROTOTYPE DEFERRED COMPENSATION PROGRAM FOR CITIES AND <br /> POLITICAL SUBDIVISIONS PERMITTING ITS MEMBER CITIES AND THEIR <br /> EMPLOYEES TO ENJOY THE ADVANTAGES OF THIS PROGRAM; <br /> WHEREAS, THE U . S . CONFERENCE OF MAYORS, AS PLAN <br /> ADMINISTRATOR , AGREES TO HOLD HARMLESS AND INDEMNIFY THE CITY, ITS <br /> APPOINTED AND ELECTED OFFICERS AND PARTICIPATING EMPLOYEES FROM <br /> ANY LOSS RESULTING FROM THE U . S . CONFERENCE OF MAYORS OR ITS <br /> AGENT' S FAILURE TO PERFORM ITS DUTIES AND SERVICES PURSUANT To THE <br /> U . S . CONFERENCE OF MAYORS PROGRAM; <br /> NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BATESVILLE <br /> DOES HEREBY RESOLVE AS FOLLOWS: <br /> THE CITY COUNCIL HEREBY ADOPTS THE U . S . CONFERENCE OF MAYORS <br /> DEFERRED COMPENSATION PROGRAM AND ITS ATTENDANT INVESTMENT OPTIONS <br /> AND HEREBY ESTABLISHES THE CITY OF BATESVILLE DEFERRED <br /> COMPENSATION PLAN FOR THE VOLUNTARY PARTICIPATION OF ALL ELIGIBLE <br /> CITY EMPLOYEES, ELECTED OFFICIALS AND INDEPENDENT CONTRACTORS . <br /> • <br />