Agenda - Council - 02/25/1986 - Laserfiche WebLink

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.a, 1 it.)L'.r,~ v),lHurL ~.,J,I) C?P~, :. C~~ 1I*,~ C1/~'~ for the une~p,fed porl~on of It~ term Of Ih~ l~uttee who her res,gnarl or lppo~nleO muSl ~ Iht Same lype O1 lrusl~ (~ e, Pubhc Employee 3rug~ Anmppomlmenlofa lrusle6 lek be made vacancy 1o occur it a later date by reason ol ret,remenl provided lhat such appmnlmenl shall nol b~COme effechve prior Io such ~ehremenl Or lesignahon Wheneve~ a Vacancy ~chon 3 5. the Trust.s in olhce, regardless of Iheir numar.shall have all Ihe powers gtanled Io Ihe 1 rustee5 and shall d~scharge ail Ihe dulies ~mposed upon the l~ustees by lh~s Decla~at~on A wrillenmSbument Cerldymg lhe ex~stence of such vacancy ~gned by a majordy Of the ~ Jusl~s shell ~ conclusive ewdence of the ex~s[ence ol such vacancy SECTION 36 lrusl~s Serve in Represenlal~ve Capacity By ex~uhng Ibis Declarabon, each Pubhc Employer ayres Ihal the Pubhc Employ~ l~ust~s elecle~ by 1he Pubhc Employe~s Jcl es agents and representatwes of t~ Pubhc Employers colleclwely ARTICLE IV. Power,, ol Trustees SECTION4 1 General Powers The Truslees shall have the power lo conducl the business ol the Trust and to carry on itsoperahons Such power shall incluGe, but shah not be bruited 1o, the power to. (aT receive Ihe Trust Property from Ihe Public Employers or from a Trustee o! any Employer Trust, Jb) enter inlo a conlract with an Investment Adviser providing among other thmgs, Ior the estabhshment end operation of the Portlohos. seleclion of Ihe Gueranleed Investment Conlracts in which the Trust Property may be invested, selecbon o! other investments for the 'T rust Properly and the payment of reasonable tees Io the Investment Adviser and lo any sub-investment adviser relamed by the Investment Adviser, Jcl review annually the performance of the Investment Adviser and approve annually Ihe conlract with such Investment Adviser, (d) invest and reinvest the 'Trust Property in the Portfolios. the Guaranteed Investment Conlracts and in any othe, inveslment recommended by Ihe Investment Adviser, proviclecl lhat il e Pubhc Employer has dlrecled that its monies be invested in specifmd Portfolios or in a Guaranleed Inveslment Contract, lhe lrustees ol lhe RehremenJ lrust shah invest such monies mn accordance with such directions, (eT keep such portion of the Trusl P,'operty in Cash or cash balances as lhe 'Truslees, lrom time to lime. may deem to be in the best inlerest of Ihe Rehremenl Trust created hereby, without liability lot interest Ihereon; (IT accepl and retain for such time as they may deem advisable an)/securitmes or other properly received or acquired by lhem as Trustees hereunder, whether Or not such securities or olher property would normally be purchased as investments here- under. Jg) cause any securities or Other properly held as part of the Trust P~operty 1o be reg,stered tn the name o! tl"~ Rehrement Trust or m Ihe name o! a nominee, and lo hold anyinveslments in bearer lot m. but Ihe books and records of the lruslees shad al alt 0',' ~,r,.; .... r' t,A' '~r R"[~ (Ur~I'F~''(~ ~'~ J'') ~'~C J ' bond~. Securd~e~ Or olher properly hal0 Is pOrl Of Ir~ lrdSl Properly. ~j) enter rolo conlreclS Or a~angemen[s fo~ goods or required in cor, nechon wllh the operahon ol the Reh,~nl TruSt. includm~ but nol halted Io. conlractswdh custo0a~and conlracls for t~ provision Of admJnlslrahve services. (k) borrow Or re,se money for the purpose of Ihe Rehr~nt 1rust in such amounl, an~ u~n Such terms end conddlons ~ the Truslees shaU ~em advisable, provided that lhe Ihe Trust Pro~y NO De.on lendmg money to the shah be bound !o see the mpphcahon of Ihe money ~ inquire into its val~dmly, ex~d~ency or propr~ely Of anl borrowing, (I) incur ~easonable expenses as required for the Operat,or, :' Retirement Trust ~nd ~ducl such ex~nses Irom I~ Trust Property; (m} pay expenses properly allocable to Ihe T~usi incurred in connechOn with the De~erred Compensalmon P~-s or the Employer 1rusts and ~educt such expenses from the: Of the Trust Properly benehcially owned by the Public to whom such ex.asea are properly allocable; (n) ~y out of the Trust Pro~y all real and pe~onal ~xes, income taxes and other taxes of any and all kinds ~-. the opinion of the Trust.s. are pro~rly ~vmd. or as~4ed under existing or lulure laws u~n, or in res~ct of. the TruSl P~opeHy and aqocate any such taxes to the appropr~te (o} adopt, amend and repeal the By-Laws, provmded thai sur By- Laws are at all t,mes consislent with t~ terms of this of TruSt. (pT employ ~rsons to make available interests in the Rebr~enl ~ruSt to employers eligible Io maintain a deferred compeda,on plan unOer sechon 457 of the Interna~ Revenue C~ amended; lq) issue Ihe Annual Report of the Retirement Trust, an: disclosure documenls and ol~r literature used b) the Retirement Trus:, (r) ~ke loans, including the purchase of debt oblmga: provided that a~: such I~ns shall bear interest at the cu~enl market rate; (sT contract for. and delegate any powers granted hereun~-to. such officers, agents, employes, auditors and aHome~ ~ the Trustees may ~)ect. provided that Ihe Trustees may not ~te the powers set Io~h in paragraphs (bT. (CT and (o) of Ibis ~,on 41 end may not delegate any ~wers if such delegation violate l~ir fiducia~ duties; (t) prOvide for the indemnifi~tion of the officers and Trusl~ the Retirement Trust and purchase hducia~ insuran~: (uT maintain ~oks and records, including separate acco~ for each Public Employer o~ Employer 1rust end such separate accounts es are required un0er, and consistenl w~lh the DelerreU Com~nsahon Plan of each Pubhc Employer;