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HomeMy WebLinkAbout1990-30 Amending the Trust Agreement Pursuant to Town of Vail Employees' Pension Plan~. ~~' ~ ~ ~ i ORDINANCE NO. 30 Series of 1990 AN ORDINANCE AMENDING THE TR€1ST AGREEMENT Pl1RSUANT TO TOWN OF VAIL EMPLOYEES' PENSION PLAN; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Town of Vail has adopted a Trust Agreement pursuant to the Town of Vail Employees' Pension Plan, date of which was January 1, 1.9$3; and WHEREAS, the Town of Vail has adopted a fourth amendment to said plan, the effective date of which was August 16, 198$; and WHEREAS, the Town Council wishes to amend the Trust Agreement which sets forth the details of implementing the Town's Pension Plan. NOW, -THEREFORE, BE IT ORDAINED BY THE TOWN COLiNCIL OF THE TOWN OF VATL, COLORADO: 1.. The first amendment to the Employees' Pension Plan Trust Agreement which is attached to this Ordinance and incorporated herein by reference is hereby adopted by the Town Council of the Town of Vail. 2. If any part, section, subsection, sentence, clause ar phrase of this Ordinance is 'f'or any reason held to be invalid, such decision shall not affect the validity of the remaining portions of this Ordinance; and the Town Council hereby declares it would have passed this Ordinance, and each part, section, Subsection, sentence, clause or phrase thereof, regardless of the fact that any one ar more parts, sections, subsections, sentences, clauses or phrases be declared invalid, 3. The Town Council hereby finds, determines and declares that this Ordinance is necessary and proper for the health, safety and welfare of the Town of Vail and the inhabitants thereof. ~. The repeal or the repeal and reenactment of any provision of the Municipal Code of the Town of Vail as provided in this Ordinance shall not affect any right which has accrued, any duty imposed, any violation that occurred prior to the effective date hereof, any prosecution commenced, nor any other action or proceedings as commenced under or by virtue of the provision repealed or repealed and reenacted. The repeal of any provision hereby sha11 not revive any provision or any ordinance previously repealed or superseded unless expressly stated herein. 5. All bylaws, orders, resolutions, and ordinances, or parts thereof, inconsistent herewith are repealed to the extent only of such inconsistency. This repealer shall not be construed to revise any bylaw, order, resolution, or ordinance, or part thereof, heretofore repealed. ~. • ~i • INTRODUCED, READ AND APPROUEQ ON FIRST READING this 17th day of ,Tiny 1990, and a public hearing shall be held on this Ordinance on the 17th day of July 1990, at 7:30 p.m. in the Council Chambers of the Vail Municipal Building, Vail, Colorado. Ordered published in full this 17r.~, day of .lulu 1990. ATTEST: Pamela A. [3randmeyer, Town Clerk ~ ~°.!lU1 tit ~/L-~....~ Kent R.~Rose, Mayor ` INTRODUCED, READ AND APPROVED ON SECOND READTNG AND ORDERED PUBLISHED l,y tLt7.e c~~z1.y this 7th day of August 1990. ---------- - -- ~ ~~~~~~ Kent R` Rose, Mayor ` ATTEST: Pamela A. Brandmeyer, Town Clerk _Z_ • --'.~ ~~ ~ ..! FIRST AMENDMENT TO TRU5T AGREEMENT Pursuant to TOWN OF VAIL EMPLOYEES' PENSION PLAN THIS AMENDMENT is made by the Town of Vail (hereinafter referred to as the "Employer") with the consent of the Trustee. WHEREAS, the Employer and the Trustee entered into a Trust Agreement to carry out the terms of the Tawn of Vail Employees' Pension Plan {hereinafter referred to as the "Trust") an September 20, 1983; and WHEREAS, the Trust, at Article IX, provides in part as follows: "The Employer shall have the right at any time and from time to time by action of Town Council with the written consent of the Trustee to amend this Trust Agreement ..."; and WHEREAS, the Employer now desires to amend the Trust to make a technical change to the Trust; NOW, THEREFORE, the Employer does hereby amend the Trust in the following particulars: ARTICLE I Section 7.3 of the Trust (page 1.6} is hereby amended by adding the following language to the end of such Section: "In addition, the Board of Directors of the Vail Metropolitan Recreation District shall appoint one individual to serve as a Trustee. Such individual shall be either a member of such Board or an employee of Vail Metropolitan Recreation District. Such person shall serve for such term as is determined by the Board of Directors of the Vail Metropolitan Recreation District." ARTICLE II Section 7.3 of the Trust (page 16) is also hereby amended by deleting "(c) Finance Director;" and "(d) Personnel Director." and inserting in their place "(c) Director of Administrative Services." ARTICLE III The amendment to the Trust set forth in Article I above shall be effective as of the date of adoption. ARTICLE IV Except as hereinabove amended in Articles I and II above, the Employer hereby readapts, reaffirms and redeclares each and every provision of the Trust. . ;. .., . " _ ~ -• IN WITNESS WHEREOF, the Employer, at the direction of its Town Council and with the consent of the Trustee, has executed this Amendment as of the '~`' day of u-Q~' 1990 . TOWN OF VAIL Admi ~ strator T~ e foregoing ~~endment is hereby approved by the currently acting Trustees this _/~"~ day of a~ , 1990. r Town Manager ~ _~ Town Atto~fiey ~_... 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