HomeMy WebLinkAboutCity Council - 99-81 RESOLUTION NO. 9 9— 1
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF HUNTINGTON BEACH AMENDING ITS
DEFERRED COMPENSATION PLAN TO ALLOW PLAN MEMBERS
TO TAKE LOANS FROM THE PLAN
WHEREAS, the City of Huntington Beach has employees rendering valuable
services to it; and
WHEREAS, the City of Huntington Beach has established a Section 457 Deferred
Compensation Plan ("Plan") for its employees which serves the interests of the City of
Huntington Beach by enabling it to provide reasonable retirement security for its
employees, by providing increased flexibility in its personnel management system, and
by assisting in the attraction and retention of competent personnel; and
WHEREAS, the City of Huntington Beach has determined that permitting
participants in the Plan to take loans from the Plan will serve these objectives;
NOW, THEREFORE, the City Council of the City of Huntington Beach resolves
as follows:
1. The Plan will permit loans to be applied for and obtained by the Plan's
participants.
2. The qualifications for applying for such loans, and the terms of said loans
(e.g., interest rates, repayment provisions, etc.), shall be established by mutual agreement
between the City of Huntington Beach and the administrator or administrators of the
Plan.
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Res - !
PASSED AND ADOPTED by the City Council of the City of Huntington Beach
at a regular meeting thereof held on the 4 th day of October , 1999.
Mayor
ATTEST: APPROVED AS TO FORM:
CityClerk f City Atto
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REVIEWED AND APPROVED: INITIATED AND APPROVED:
452 - mac.
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C y Administrator Dikeetor of Administrative Services
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Res. No. 99-81
STATE OF CALIFORNIA }
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
1, CONNIE BROCKWAY, the duly elected, qualified City Clerk of
the City of Huntington Beach, and ex-officio Clerk of the City Council of said City,
do hereby certify that the whole number of members of the City Council of the City
of Huntington Beach is seven; that the foregoing resolution was passed and adopted
by the affirmative vote of at least a majority of all the members of said City Council
at a regular meeting thereof held on the 4th day of October, 1999 by the following
vote:
AYES: Julien, Bauer, Garofalo, Green, Dettloff, Harman
NOES: None
ABSENT: Sullivan
ABSTAIN: None
eV4�
City Clerk and ex-officio CI&of the
City Council of the City of Huntington
Beach, California