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TC Res. No. 1996-59RESOLUTION NO- 96-59 SERIES OF 1996 A RESOLUTION RELATING TO AMENDING A DEFEND COMPENSATION PLAN WHEREAS, the Town of Avon has employees rendering valuable services; and WHEREAS, the Town of Avon has established a deferred compensation plan for such employees that senres the interest of the Town 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 Town of Avon has determined that the continuance of the deferred compensation plan will serve these objectives; and WHEREAS, amendments to the Internal Revenue Code have been enacted that require changes to the structure of and allow enhancement of the benefits of the deferred compensation plan: NOW THEREFORE BE IT RESOLVED THAT THE TOWN COUNCIL OF THE TOWN OF AVON, COLORADO, hereby amends and restates the deferred compensation plan (the "Plan") in the form of The ICMA Retirement Corporation Deferred Compensation Plan and Trust. BE IT FURTHER RESOLVED that the assets of the Plan shall be held in trust, with the Town of Avon serving as trustee, for the exclusive benefit of the Plan participants and their beneficiaries, and the assets shall not be diverted to any other purpose. The trustee's beneficial ownership of Plan assets held in the ICMA Retirement Trust shall be held for the further exclusive benefit of the Plan participants and their beneficiaries. BE IT FURTHER RESOLVED that the Plan will not permit loans. BE IT FURTHER RESOLVED that the Town of Avon hereby agrees to serve as trustee under the Plan. ADOPTED this 10" day of December, 1996. TOWN OF AVON, COLORADO Jacklawcett, Mayor A' Patty Lambert;