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TC Res. No. 1980-04r TOWN OF AVON RESOLUTION N0.#4 SERIES OF 1980 BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO, THAT: There shall be deducted from the salary of each Town Employee, retroactive to January 1, 1980, an amount equal to 6.13% of each employee's salary. Amounts for any salary paid during January, 1980, and February, 1980, shall be deducted from the salary payments to be made February 29, 1980, if such deductions have not already been made. Future deductions shall be made at the time that the salary is paid. An amount equal to the deductions shall also be placed in escrow, such amount to be contributed by the Town from the General Fund. All moneys deducted and contributed pursuant to this Resolution shall be escrowed in a savings account in a financial institution located in Eagle County, Colorado. The purpose of these deductions and contributions is to fund a Town Employee Pension Program, or, in the alternative, to provide Social Security Protection and Benefits for Avon Town Employees. The ultimate disposition of all moneys deducted and con- tributed pursuant to this Resolution shall be determined by Resolution of the Avon Town Council, consistent with the purpose stated herein. INTRODUCED, PASSED, RESOLVED AND ADOPTED AND ORDERED PUBLISHED ONCE IN FULL THIS DAY OF , 1980. Mayor ATTEST: Town Clerk