HomeMy WebLinkAbout93-048
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O~FICiAL R~CORD5 OF HOHAVE COUNTY AZ.
*JDAN McCALLf MOHAVE COUNTY RECORDERf.
02/03/93 2:45 p.n. PAGE 1 OF 3
MOHAVE COUNTY BOARD OF SUPERVISORS
RECORDinG FEE 0.00 He
RESOLUTION NO. 93-48
RESOLUTION FOR AN EXTENSION OF TIME FOR THE APPROVED PRELIMINARY
SUBDIVISION PLAN OF WALNUT CREEK COMMERCIAL, TRACT 3022, BEING A
RESUBDIVISION OF LOTS I AND 2 BLOCK 2 WALNUT CREEK ESTATES UNIT
I, TRACT 3007, LOCATED IN THE MCCONNICO AREA.
WHERE.~S, at the regular meeting of the Mohave County Board
of supervisors held on February 1, 1993, a public hearing was
conducted to determine whether approval should be granted to
Walnut Creek Development, an extension of time for the approved
preliminary plan of WALNUT CREEK COMMERCIAL, Tract 3022, located
in the McConnico Area, and
WHEREAS, the owner/developer of this tract is Dennis Sim,
Walnut Creek Development Co., Kingman, Arizona. The original
engineer on this project was Devlin Engineering. A letter from
the owner/developer states the new engineer of record for this
subdivision is Stovall Engineers, Inc. of Bullhead City, Arizona.
WHEREAS, the plan as submitted and reviewed is a
resubdivision of Lots 1 & 2, Block 2, Walnut Creek Estates, Tract
3007, known as Tract 3022, proposed to resubdivide the two
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Resolution No. 93-48
Page 2
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BK 2171 PG 31~ (FEE~93- 6157)
(2)lots into six (6) with an average lot size of one plus (1+)
acres, and
WHEREAS, the preliminary plan for this tract was approved by
the Mohave County Board of Supervisors on September 5, 1989, via
P&ZC Resolution 89-179. Article 3.10-1 states. "Upon application
to the commission and prior to the expiration, of the time limit,
extensions in increments of one (1) year may be granted by the
Board if the subdivider is actively processing the Final Plat.
If such action is not taken than all proceedings relating to the
plat shall be terminated", and
WHEREAS, at the public hearing before the Mohave County
Planning and Zoning Commission on January 13, 1993 the Commission
did recommend conditional APPROVAL of the requested extension of
time with the applicant understanding and accepting the following
conditions:
1. In his letter dated December 30, 1992, received by P & Z
January 12, 1993, Mr. Dennis Sim, states, that he
requests an extension of time to continue with the
processing of the Final Plat. Stovall Engineers
submitted the Final Plat on December 30. 1992, prior to
the expiration date of this project.
2. This is the second extension of time for this project.
BOS Resolution 92-324 extended time through January 3,
1993.
3. This extension of time will be in effect until January
3, 1994.
4. As provided in Article 3.10-1 "..., extensions in
increments of one (1) year may be granted by the Board
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Resolution No. 93-48
PAGE 3 Of 3
BK 2171 PG 316 (FEE~93- 61~7)
Page 3
if the subdivider is actively processinq the Final Plat.
If such action is not taken than all roceedin s
relatinq to the plat shall be terminated."
WHEREAS, the notice of hearing was published in the Kingman
Standard, a newspaper of general circulation in Kingman, Mohave
County, Arizona, on January 16, 1993 and as required by Arizona
Revised Statutes and the Mohave County zoning Regulations.
NOW THEREFORE BE IT RESOLVED, that the Board of Supervisors,
at their regular meeting on Monday February 1, 1993,
conditionally approved this extension of time as recommended by
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the Mohave County Planning and Zoning Commission and outlined
herein.
MORAVE COUNTY BOARD OF SUPERVISORS
ATTEST:
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OffICIAL RECORDS OF MOHAVE COUNTY AZ.
*JOAH ncCAlL, MOHAVE COUNTY RECORDER*
12/13/93 3=30 P.n. PAGE 1 OF 3
. nOHAVE COUNTY 80ARD OF SUPERVISORS
RECORDING fEE 0.00 He
RESOLUTION NO. 93-368
A RESOLUTION SETTING FORTH A REZONE OF THE NORTHERLY 685 FEET OF
PARCEL 88 IN THE SOUTH HALF OF SECTION 18, TOWNSHIP 23 NORTH,
-tlo RANGE 16 WEST, FROM A-R/10A (AGRICULTURAL-RESIDENTIAL/TEN ACRE
MINIMUM LOT SIZE) ZONE TO A-R/SA (AGRICULTURAL-RESIDENTIAL/FIVE
ACRE MINIMUM LOT SIZE) ZONE, LOCATED IN THE LONG MOUNTAIN PORTION
OF THE MOHAVE COUNTY GENERAL AREA, MOHAVE COUNTY, ARIZONA.
WHEREAS, at the regular meeting of the Mohave County Board
of Supervisors held on December 6, 1993, a public hearing was
conducted to determine whether approval should be granted for a
zone change on the above described property to owners Robert L.
and Christina Crista of Kent, Washington, and
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WHEREAS, the property is located east of Stockton Hill Road
and directly south of Calle Cedral. Access is from Stockton Hill
Road to Calle Chavez west, then south on Avenida Ramirez to Calle
Cedral, then east approximately one-half mile to the site~s
northwest' corner. The site is bounded on the west side by an
unnamed 60-foot dedicated roadway. Calle Cedral bounds the north
side of the property and has been previously dedicated at a 60-
foot width, and
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WHEREAS, site review indicates that the property is vacant
and without utilities. Topographical features consist of rolling
terrain and a large wash that traverses the site~s northwestern
corner. Five residential dwellings exist in the immediate
vicinity and the remaining area is undeveloped residentially
zoned land, and
WHEREAS, review of Floodplain Map #040058-2155B indicates
that the property is within Zone C, an area of minimal flooding,
and
WHEREAS, the property is within the Long Mountain Area Plan.
The proposed zone change will not violate the plan, and
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WHEREAS, at the public hearing before the Mohave County
Planning and Zoning Commission on November 10, 1993, the
Commission recommended APPROVAL for a zone change subject to the
. following:
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RESOLUTION NO. 93-368
Page 2
1. All parcels be zoned
Residential/Five Acre Minimum
PAGE 2 OF 3
BK 2326 PG 7~J (FEE~93-71~20)
A-R/5A (Agricultural-
Lot Size).
2.
That the Board of Supervisors accept the dedication of
a 20-foot radius curve at the northwest corner of the
parcel. In addition the granting of an eight-foot
public utility easement along the north boundary of the
parcel adjacent to Calle Cedral. This shall be
approved through the recording of the resolution
authorizing the zone change, and that the dedication
and granting be shown via an acceptance statement and
identified on the Parcel Plat.
3. Submittal and recordation of a Parcel Plat prepared in
accordance with Article 3.16 of the Mohave County
Subdivision Regulations and 102. 04-B of the Standard
Specifications.
4. The three parcels will meet or exceed their respective
acreage exclusive of road easements.
5.
Each parcel shall have legal access.
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The Parcel Plat shall show any surface drainage and
FEMA flood zones.
7.
That appropriate zoning,
floodplain permits be
development. These permits
Parcel Plat recordation.
building, environmental and
obtained prior to any
will not be issued until
8. The rezone shall not become effective for 30 days after
final Board of Supervisors approval for the change in.
classification, as per ARS 11-829E.
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If these conditions are not met within one year this
approval will be void. If at the expiration of this
period the property has not been improved to meet the
use for which it was conditionally approved, the Board
(after notification by registered mail to the owner and
applicant who requested the rezoning) shall schedule a
public hearing to: grant an extension, determine
compliance with the schedule for development or cause
the property to revert to its former zoning
classification. This action is in accordance with
Arizona Revised Statues Annotated, Title 11, Chapter 6,
11-832.
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RESOLUTION NO. 93-368
Page 3
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8K 2326 PG 7~~ (FEE~93-71520)
WHEREAS, the notice of hearing was published in the Kingman
Daily Miner, a newspaper of general circulation in Kingman,
Mohave County, Arizona, November 21, 1993, and posted November
19, 1993, as required by Arizona Revised Statutes and the Mohave
County Zoning Regulations.
NOW THEREFORE BE IT RESOLVED, that the Board of Supervisors,
at their regular meeting on Monday, December 6, 1993, APPROVED
this zone change as recommended by the Mohave County Planning and
~. Zoning Commission and outlined herein.
MOHAVE COUNTY BOARD OF SUPERVISORS
ATTEST:
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--Sam-~ :f'lde.rfef-,-€-ba:.:i:-J:Jttaft--
Joan C. Ward, Vice Chairman
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RESOLUTION NO. 93-49
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF MOHAVE,
ARIZONA APPROVING THE PROCEEDINGS OF THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE COUNTY OF MOHAVE REGARDING THE ISSUANCE OF
INDUSTRIAL DEVELOPMENT REVENUE BONDS, 1993 SERIES (CITIZENS
UTILITIES COMPANY PROJECT) PURSUANT 'ro A PLAN OF FINANCING IN
COMPLIANCE WITH SECTION 147 ( f) OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED.
WHEREAS, The Industrial Development Authority of the County
of Mohave (the "Authorit.y") proposes to issue pursuant to a plan
of financing industrial development revenue bonds on behalf of
Citizens Utilities Company, a Delaware corporation authorized to
do business in Arizona, in one or more series in the aggregate
principal amount of $22,960,000 to pay the cost of certain
facilities for the [furnishing of electric energy and water and
sewage facilities] located in Mohave County, Arizona; and
WHEREAS, a resolution of the Authority authorizing the
issuance and sale of its Industrial Development Revenue Bonds,
1993 Series (Citizens Utilities Company Project) (the "Bonds") in
the aggregate principal amount of $22,960,000 under and pursuant
to Title 35, Chapter 5, Arizona Revised Statutes, as amended (the
"Act" ), has been made available to the Board of Supervisors of
the County of Mohave, Arizona, and said resolution has been duly
considered this date; and
WHEREAS, said resolution authorizes, among other things, the
issuance and sale of the Bonds, the execution and delivery of a
Loan Agreement, the execu'tion and delivery of an Indenture of
Trust, the execution and delivery of a Tax Regulatory Agreement,
the execution of a Bond Purchase Agreement and other rela'ted
documents; and
WHEREAS, the terms, maturity, provisions for redemption and
for the determination of interest rates and interest payment
dates, security and source of payment for the Bonds are set forth
in Indenture of Trust and the Bond Purchase Agreement; and
WHEREAS, copies of said documents have been made available
'to the Board of Supervisors of the County of Mohave, Arizona,
together with the aforementioned resolution of the Authority; and
WHEREAS, t.he BC'cLt(l I)f :')l,l.pel.~\/isc\.cs ha.s been informed tha t
said documents have been revjewed hy competent Bond Counsel, and
said Bond. Counsel has d~~t'2T1\ljJH~,j that. said documents adequately
meet. t.he req1Jireroen1.~s of Titls 35, Chapter 5, Arizona Revised
Statutes, as amended; and
WHEREAS,
December 7 ,
the Board of Supervisors passed
1992 in satisfaction of the
a Resolution on
public approval
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requirement of Section 147 ( f) of the Internal Revenue CODE of
1986, as amended (the "CODE"), with respect to the Bonds; and
WHEREAS, it is intended that this Resolution shall
constitute approval by the Board of Supervisors of the issuance
of the Bonds pursuant to Section 35-721(B) of the Act;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS
OF THE COUNTY OF MORAVE, ARIZONA, AS FOLLOWS:
1. That the Board of Supervisors hereby approves the
proceedings under which the Bonds are to be issued by the
Authority, including specifically the resolution described above,
the Bonds, the Bond Purchase Agreement, the Loan Agreement, the
Tax Regulatory Agreement, the Indenture of Trust and all other
required or appropriate documents.
2. That all resolutions or parts thereof in conflict
herewith be and the same are hereby repealed, to the extent o.l:'
such conflict.
3. That immediately after its adoption this Resolution
shall be signed by the Chairman and Clerk, shall be recorded in
the book kept for that purpose and shall take immediate effect.
PASSED, APPROVED AND ADOPTED by the Board of Supervisors of
the County of Mohave, Arizona, this 16th day of February, 1993.
MOHAVE COUNTY BOARD OF SUPERVISORS
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SAM STANDERFE , CHAIRMAN
ATTEST:
Board
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RESOLUTION NO. 93-50
WHEREAS, U. S. Ecology is planning to construct a
radioactive waste facility in Ward Valley, California, 22 miles
west of Needles, California ,and approximately 20 miles from
Bullhead City, Arizona, and Laughlin, Nevada; and
WHEREAS, the construction of a radioactive waste dump in
Ward Valley, California, may pose a significant risk to both
Mohave County residents in the vicinity, and the Colorado River,
generally. Such risk may be found in the increased potential for
release, leakage, and spill radioactive material during the
transportation of such material through residential and business
communities, and over public highways, and in the exposure of the
dumped radioactive material to the effects of torrential rains,
severe dust storms, and other harsh weather characteristics of
the area; and
WHEREAS, the increased exposure to radioactivity poses a
significant risk of cancer to human and animal life; and
WHEREAS, the nuclear waste problems is national in scope,
and not limited to state boundaries, such boundaries being
meaningless when, as in the case of the proposed site in Ward
Valley, California, the risk of increased exposure to
radioactivity falls equally hard upon residents in Arizona; and
WHEREAS, the California Department of Environmental and
Health Services, empowered to make a decision in this matter, may
be choosing the Ward Valley site, risk contamination of the
Colorado River, and equally essential groundwater sources, to the
damage of Arizona taxpayers potentially burdened with the cost of
cleaning up the waste facility, such burden carried while
possessing no jurisdiction to regulate the operation and
maintenance of the facility; and
WHEREAS, the regulation of radioactive waste facilities is
thus best suited to the Federal Government, not the individual
states; and
WHEREAS, we recognize the need for radioactive materials in
the treatment of various forms of cancer and other medical
exigencies, and do not wish to impede the progress of the medical
conununity in su'::h efforts, but nevertheless insist upon the safe
disposal of radioactive waste, such disposal to be made in
facili ties strictly regulated by national standards, and built
only after each community which may be adversely affected by the
operation of such a facility has had fair opportunity to assess
the risk involved in its construction and operation;
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NOW, THEREFORE, the Mohave County Board of Supervisors
having considered the risks involved in the construction of a
radioactive waste facility in Ward Valley, California, joins the
Fort Mohave Indian Tribe, the City of Needles and the City of
Lake Havasu in formally opposing the use of the Ward Valley site
as a radioactive waste facility. This disposition, by its nature
in no way endorses the location of such facilities in alternate
sites particularly in Mohave County or other Arizona locations.
BE IT FURTHER RESOLVED, that the Mohave County Board of
Supervisors joins the City of Lake Havasu in respectfully
requesting the Arizona Congressional Delegation to initiate
public oversight hearings in regards to establishment of a
nuclear waste facility at Ward Valley, California.
PASSED AND ADOPTED this 16th day of February, 1993.
MOHAVE COUNTY BOARD OF SUPERVISORS
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ATTEST:
the Board
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RESOLUTION NO. 93-51
WHEREAS, the Board of Supervisors met in Special Session
this 16th day of February, 1993; and
WHEREAS, the establishment of a deferred compensation plan
for such employees serves the interests of Mohave County 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, Mohave County has determined that the establishment
of a deferred compensation plan to be administered by the lCMA
Retirement Corporations services the above objectives; and
WHEREAS, Mohave County desires that its deferred
compensation plan be administered by the lCMA Retirement
Corporation, and that the funds held under such plan be invested
in the lCMA Retirement Trust, a trust established by public
employers for the collective investment of funds held under their
retirement and deferred compensation plans;
NOW, THEREFORE, BE IT RESOLVED that Mohave County hereby
adopts or has previously adopted the deferred compensation plan
(the "Plan") in the form of: the plan provided by Mohave County
referred to as Appendix A.
BE IT FURTHER RESOLVED that Mohave County hereby executes
the Declaration of Trust of the lCMA Retirement Trust, referred
to as Appendix B; and
BE IT FURTHER RESOLVED that the Personnel Director shall be
the coordinator for this program; shall receive necessary
reports, notices, etc. from the lCMA Retirement Corporation of
the ICMA Retirement Trust; shall cast, on behalf of Mohave
County; and required votes under the lCMA Retirement Trust; may
delegate any administrative duties relating to the Plan to
appropriate departments; and is authorized to execute all
necessary agreements with ICMA Retirement Corporation incidental
to the administration of the Plan.
MOHAVE COUNTY BOARD OF SUPERVISORS
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the Board
APPENDIX A
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MOHAVE COUNTY
ICMA PLAN DOCUMENT
Resolution for a Legislative Body
leMA Deferred Compensation Plan
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PERSONNEL AND RISK MANAGEMENT
EFFECTIVE: JANUARY 1, 1993
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DEFERRED COMPENSATION PLAN
ARTICLE I. INTRODUCTION
The Employer hereby establishes Mohave County's
Compensation Plan, hereafter referred to as the "Plan".
consists of the provisions set forth in this document.
Deferred
The Plan
The primary purpose of this Plan is to provide retirement income
and other deferred benefits to the Employees of Mohave County in
accordance with the provisions of Section 457 of the Internal
Revenue Code of 1986, as amended (the "Code").
This Plan shall be an agreement solely between Mohave County and
participating Employees.
ARTICLE II. DEFINITIONS
2.01 Account: The bookkeeping account maintained for each
Participant reflecting the cumulative amount of the Participant's
Deferred Compensation, including any income, gains, losses, or
increases or decreases in market value attributable to Mohave
County's investment of the participant's Deferred Compensation,
and further reflecting any distributions to the Participant or
the participant's Beneficiary and any fees or expenses charged
against such Participant's Deferred Compensation.
2.02 Administrator: The person or persons named to carry out
certain nondiscretionary administrative functions under the Plan,
as hereinafter described. Mohave County may remove any person as
Administrator upon 60 days' advance notice in writing to such
person, in which case Mohave County shall name another person or
persons to act as Administrator. The Administrator may resign
upon 60 days' advance notice in writing to Mohave County, in
which case Mohave County shall name another person or persons to
act as Administrator.
2.03 Beneficiary: The person or persons designated by the
Participant in this Joinder Agreement who shall receive any
benefi ts payable hereunder in the event of the Participant's
death. In the event that the Participant names two or more
Beneficiaries, each Beneficiary shall be entitled to equal shares
of the benefits payable at the Participant's death, unless
otherwise provided in the participant's Joinder Agreement. If no
beneficiary is designated in the Joinder Agreement, if the
Designated Beneficiary predeceases the Participant, or if the
designated Beneficiary does. not survive the Participant for a
period of fifteen (15) days, then the estate of the Participant
shall be the Beneficiary.
2.04 Deferred Compensation: The amount of Normal Compensation
otherwise payable to the Participant which the Participant and
Mohave County mutually agree to defer hereunder, any amount
credited to a Participant's Account by reason of a transfer under
section 6.03, or any other amount which Mohave County agrees to
credit to a Participant's Account.
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2..05 Employee: Any individual who provides services for the
Employer, whether as an employee of Mohave County or as an
independent contractor, and who has been designated by Mohave
County as eligible to participate in the Plan.
Includible Compensation: The amount of an Employee's
compensation from Mohave County for a taxable year that is
attributable to services performed for Mohave County and that is
includible in the Employee's gross income for the taxable year
for federal income tax purposes; such term does not include any
amount excludable from gross income under this Plan or any other
plan described in Section 457(b) of the Code or any other amount
excludable from gross income for federal income tax purposes.
Includible Compensation shall be determined without regard to any
community property laws.
2.06 Employer: Mohave County
2.07 Joinder Agreement: An agreement entered into between an
Employee and Mohave County, including any amendments or
modifications thereof. Such agreement shall fix the amount of
Deferred Compensation, specify a preference among the investment
al ternatives designated by Mohave County, designate the
Employee's Beneficiary or Beneficiaries, and incorporate the
terms, conditions, and provisions of the Plan by reference.
2.08 Normal Compensation: The amount of compensation which would
be payable to a Participant by Mohave County for a taxable year
if no Joinder Agreement were in effect to defer compensation
under this Plan.
2.09 Normal Retirement Age: Age 70~, unless the Participant has
elected an alternate Normal Retirement Age by written instrument
delivered to the Administrator prior to Separation from Service.
A Participant's Normal Retirement Age determines the period
during which a Participant may utilize the catch up limitation of
Section 5.02 hereunder. Once a Participant has to any extent
utilized the catch up limitation of Section 5.02, his Normal
Retirement age may not be changed.
A Participant's alternate Normal Retirement Age may not be
earlier than the earliest date that the Participant will become
eligible to retire and receive usual retirement benefits under
Mohave County's basic retirement plan covering the Participant
and may not be later than the date the Participant will attain
age 70~. If a Participant continues employment after attaining
age 70~, not having previously elected al ternate Normal
Retirement Age, the Participant's alternate Normal Retirement Age
shall not be later than the mandatory retirement age, if any,
established by Mohave County, or the age at which the Participant
actually separates from service if Mohave County has no mandatory
retirement age. If the Participant will not become eligible to
receive benefits under a basic retirement plan maintained by
Mohave County, the Participant's alternate Normal Retirement Age
may not be earlier than age 55 and may not be later than age 70~.
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2.10 Participant: Any Employee who has joined the Plan pursuant
to the requirements of Article IV.
2.11 plan Year: The calendar year.
2.12 Retirement: The first date upon which both of the following
shall have occurred with respect to a participant: Separation
from Service and attainment of age 65.
2.13 Separation from Service: Severance of the Participant's
employment with Mohave County which constitutes a "separation
from service" with the meaning of Section 402 ( e ) ( 4 ) (A) ( iii ) of
the Code. In general a Participant shall be deemed to have
severed his employment with Mohave County for purposes of this
Plan when, in accordance with the established practices of Mohave
County, the employment relationship is considered to have
actually terminated. In the case of a Participant who is an
independent contractor of Mohave County, Separation from Service
shall be deemed to have occurred when the Participant's contract
under which services are performed has completely expired and
terminated, there is no foreseeable possibility that Mohave
County will renew the contract or enter into a new contract for
the Participant's services, and is not anticipated that the
Participant will become an Employee of Mohave County.
ARTICLE III. ADMINISTRATION
3.01 Duties of Mohave County: Mohave County shall have the
authori ty to make all discretionary decisions affecting the
rights or benefits of Participants which may be required in the
administration of this Plan.
3.02 Duties of Administrator: The Administrato:!;, as agent for
the Employer, shall perform nondiscretionary administrative
functions in connection with the Plan, including the maintenance
of Participants' Accounts, the provision of periodic reports of
the status of each Account, and the disbursement of benefits on
behalf of Mohave County in accordance with the provisions of this
Plan.
ARTICLE IV. PARTICIPATION IN THE PLAN
4.01 Initial Participation: An Employee may become a Participant
by entering into a Joinder Agreement prior to the beginning of
the calender month in which the Joinder Agreement is to become
effective to defer compensation not yet earned.
4.02 Amendment of Joinder Agreement: A Participant may amend an
executed Joinder Agreement to change the amount of compensation
not yet earned which is to be deferred (including the reduction
of such future deferrals to zero) or to change his investment
preference (subject to such restrictions as may result from the
nature of terms of any investment made by Mohave County). Such
amendment shall become effective as of the beginning of the
calendar month commencing after the date the amendment is
executed. A Participant may at any time amend his Joinder
Agreement to change the designated Beneficiary, and such
amendment shall become effective immediately.
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ARTICLE V. LIMITATIONS ON DEFERRALS
5.01 Normal Limitations: Except as provided in section 5.02, the
maximum amount of Deferred Compensation for any Participant for
any taxable year shall not exceed the lesser of $7,500.00 or 33-
1/3 percent of the Participant's Includible Compensation for the
taxable year. This limitation will ordinarily be equivalent to
the lesser of $7,500.00 or 25 percent of the Participant's Normal
Compensation.
5.02 Catch up Limitation: For each of the last three (3) taxable
years of a Participant ending before his attainment of Normal
Retirement Age, the maximum amount of Deferred Compensation shall
be the lesser of: (1) $15,000 or (2) the sum of (i) the Normal
Limitation for the taxable year, and (ii) the Normal Limitation
for each prior taxable year of the Participant commencing after
1978 less the amount of the Participant's Deferred Compensation
for such prior taxable years. A prior taxable year shall be
taken into account under the preceding sentence only if (i) the
Participant was eligible to participate in the Plan for such year
(or in any other eligible deferred compensation plan established
under Section 457 of the Code which is properly taken into
account pursuant to regulations under section 457), and (ii)
compensation (if any) deferred under the Plan (or such other
plan) was subject to the deferral limitations set forth in
Section 5.01.
5.03 Other Plans: The amount excludable from a Participant's
gross income under this Plan or any other eligible deferred
compensation plan under section 457 of the Code shall not exceed
$7,500.00 (or such greater amount allowed under Section 5.02 of
the Plan), less any amount excluded from gross income under
section 403 (b), 402 (a)( 8), or 402 (h)( 1)( B) of the Code, or any
amount with respect to which a deduction is allowable by reason
of a contribution to an organization described in section
501(c)(18) of the Code.
ARTICLE VI. INVESTMENTS AND ACCOUNT VALUES
6.01 Investment of Deferred Compensation: All investments of
Participant's Deferred Compensation made by Mohave County,
including all property and rights purchased with such amounts and
all income attributable thereto, shall be the sole property of
Mohave County and shall not be held in trust for Participants or
as collateral security for the fulfillment of Mohave County's
obligations under the Plan. Such property shall be subject to
the claims of general creditors of Mohave County, and no
Participant or Beneficiary shall have any vested interest or
secured or preferred position with respect to such property or
have any claim against Mohave County except as a general
creditor.
6.02 Cred! ting of Accounts: The Participant's Account shall
reflect the amount and value of the investments or other property
obtained by Mohave County through the investment of the
Participant's Deferred Compensation. It is anticipated that
Mohave County's investments with respect to a Participant will
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conform to the investment preference specified in the
Participant's Joinder Agreement, but nothing herein shall be
construed to require Mohave County to make any particular
investment of a Participant's Deferred Compensation. Each
Participant shall receive periodic reports, not less frequently
than annually, showing the then current value of his Account.
6.03 Transfers: (a) Incoming Transfers: A transfer may be
accepted from an eligible deferred compensation plan maintained
by another employer and credited to a Participant's Account under
the Plan if (i) the Participant has separated from service with
that employer and become an Employee of Mohave County, and (i1)
the other employer's plan provides that such transfer will be
made. Mohave County may require such documentation from the
predecessor plan as it deems necessary to effectuate the
transfer, to confirm that such plan is an eligible deferred
compensation plan within the meaning of Section 457 of the Code,
and to assure that transfers are provided for under such plan.
Mohave County may refuse to accept a transfer in the form of
assets other than cash, unless Mohave County and the
Administrator agree to hold such other assets under the Plan.
Any such transferred amount shall be treated as a deferral
subject to the limitations of Article V, except that, for
purposes of applying the limitations of Sections 5.01 and 5.02,
an amount deferred during any taxable year under the plan from
which the transfer is accepted shall be treated as if it has been
deferred under this Plan during such taxable year and
compensation paid by the transferor employer shall be treated as
if it had been paid by Mohave County.
(b) Outgoing Transfers: An amount may be transferred to an
eligible deferred compensation plan maintained by another
employer, and changed to a Participant's Account under this Plan,
if (i) the Participant has separated from service with Mohave
County and become an employee of the other employer, ( ii ) the
other employer's plan provides that such transfer will be
accepted, and (iii) the Participant and Mohave County have signed
such agreements as are necessary to assure that Mohave County's
liability to pay benefits to the Participants has been discharged
and assumed by the other employer. Mohave County may require
such documentation from the other plan as it deems necessary to
effectuate the transfer, to confirm that such plan is an eligible
deferred compensation plan within the meaning of section 457 of
the Code, and to assure that transfers are provided for under
such plan. Such transfers shall be made only under such
circumstances as are permitted under section 457 of the Code and
the regulations thereunder.
6.04 Employer Liability: In no event shall Mohave County's
liabilityto pay benefits to a Participant under Article VI exceed
the value of the amounts credited to the Participant's Account;
Mohave County shall not be liable for losses arising from
depreciation or shrinkage in the value of any investments
acquired under this Plan.
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ARTICLE VII. BENEFITS
7.01 Retirement Benefits and Election on Separation from Service:
Except as otherwise provided in this Article VII, the
distribution of a Participant's Account shall commence as of
April 1 of the calendar year after the Plan Year of the
participant's Retirement, and the distribution of such retirement
benefi ts shall be made in accordance with one of the payment
options described in Section 7.02. Notwithstanding the
foregoing, the Participant may irrevocably elect within 60 days
following Separation from Service to have the distribution of
benefi ts commence on a fixed determinable date other than that
described in the preceding sentence which is at least 60 days
after the date such election is delivered in writing to Mohave
County and forwarded to the Administrator, but not later than
April 1 of the year following the year of the Participant's
Retirement or attainment of age 70~, whichever is later.
7.02 Payment Options: As provided in Sections 7.01, 7.04 and
7.05, a Participant or Beneficiary may elect to have value of the
Participant's Account distributed in accordance with one of the
following payment options, provided that such option is
consistent with the limitations set forth in Section 7.03.
(a) Equal monthly, quarterly, semiannual or annual payments
in an amount chosen by the Participant, continuing until
his Account is exhausted.
(b) One lump-sum payment:
( c) Approximately equal monthly, quarterly, semiannual or
annual payments, calculated to continue for a specific
period chosen by the Participant;
(d) Annual payments equal to the minimum distributions
required under Section 40l(a)(9) of the Code over the life
expectancy of the Participant or over the life expectancies
of the Participant and his Beneficiary;
( e ) Payments equal to payments made by the issuer of a
retirement annuity policy acquired by Mohave County.
(f) Any other payment option elected by the Participant and
agreed to by Mohave County and Administrator, provided that
such option must provide for substantially non-increasing
payments for any period after the latest benefit
commencement date under Section 7.01.
Participant's or Beneficiary's election of a payment option
must be made at least 30 days before the payment of benefits is
to commence. If a Participant or Beneficiary fails to make a
timely election of a payment option, benefits shall be paid
monthly under option (c) above for a period of five years.
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7.03 Limitation on Options: No payment option may be selected by
a Participant or Beneficiary under Sections 7.02, 7.04, or 7.05
unless it satisfies the requirements of Sections 401 (a) (9) and
457(d)(2) of the Code, including that payments commencing before
the death of the Participant shall satisfy the incidental death
benefi ts requirement under section 457 (d) (2) (B) (i) ( 1 ) . Unless
otherwise elected by the Participant, all determinations under
Section 401 (a) (9) shall be made without recalculation of life
expectancies.
7.04 Post-Retirement Death Benefits: (a) Should the Participant
die after he has begun to receive benefits under a payment
option, the remaining payments, if any, under the payment option
shall be payable to the Participant's Beneficiary within the 30
day period commencing with the 61st day after the Participant's
death, unless the Beneficiary elects payment under a different
payment option that is available under Section 7.02 wi thin 60
days of the Participant's death. Any different payment option
elected by a Beneficiary under this section must provide for
payments at a rate that is at least as rapid under the payment
option that was applicable to the Participant. In no event shall
Mohave County or Administrator be liable to the Beneficiary for
the amount of any payment made in the name of the Participant
before the Administrator receives proof of death of the
Participant.
(b) If the designated Beneficiary does not continue to live
for the remaining period of payments under the payment option,
then the commuted value of any remaining payments under the
payment option shall be paid in a lump sum to the estate of the
Beneficiary. In the event that the Participant's estate is the
Beneficiary, the commuted value of any remaining payments under
the payment option shall be paid to the estate in.a lump sum.
7.05 Pre-retirement Death Benefits: (a) Should the Participant
die before he has begun to receive the benefits provided by
Section 7.01, the value of the Participant's Account shall be
payable to the Beneficiary commencing wi thin the 30-day period
commencing on the 91st day after the Participant's death, unless
the Beneficiary elects a different fixed or determinable benefit
commencement da te wi thin 90 days of the Participant's death.
Such benefit commencement date shall be not later than the later
of (i) December 31 of the year following the year of. the
Participant's death, or (ii) of the Beneficiary is the
Participant's spouse, December 31 of the year in which the
Participant would have attained age 70~.
(b) Unless a Beneficiary elects a different payment option
prior to the benefit commencement date, death benefits under this
Section shall be paid in approximately equal annual installments
over five years, or over such shorter period as may be necessary
to assure that the amount of any annual installment is not less
than $3, 500. A Beneficiary shall be treated as if he were a
Participant for purposes of determining the payment options
available under Section 7.02, provided, however, that the payment
option chosen by the Beneficiary must provide for payments to the
Beneficiary over a period no longer than the life expectancy of
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the Beneficiary, and provided that such period may not exceed
(15) years if the Beneficiary is not the Participant's spouse.
(c) In the event that the Beneficiary dies before the
payment of death benefits has commenced or been completed, the
remaining value of the Participant's Account shall be paid to the
estate of the Beneficiary in a lump sum. In the event that the
Participant's estate is the Beneficiary, payment shall be made to
the estate in a lump sum.
7.06 Unforeseeable Emergencies: ( a) In the event an
unforeseeable emergency occurs, a Participant may apply to Mohave
County to receive that part of the value of his Account that is
reasonably needed to satisfy the emergency need. If such an
application is approved by Mohave County, the Participant shall
be paid only such amount as Mohave County deems necessary to meet
the emergency need, but payment shall not be made to the extent
that the financial hardship may be relieved through cessation of
deferral under the Plan, insurance or other reimbursement, or
liquidation of other assets to the extent such liquidation would
not itself cause severe financial hardship.
(b) An unforeseeable emergency shall be deemed to involve
only circumstances of severe financial hardship to the
Participant resulting from a sudden unexpected illness, accident,
or disability of the Participant or of a dependent (as defined in
section 152 ( a ) of the Code) of the Participant, loss of the
Participant's property due to casualty, or other similar and
extraordinary unforeseeable circumstances arising as a result of
events beyond the control of the Participant. The need to send a
Participant's child to college or to purchase a new home shall
not be considered unforeseeable emergencies. The determination
as to whether such an unforeseeable emergency e?,ists shall be
based on the merits of each individual case.
7.07 Transitional Rule for Pre-1989 Benefit Elections: In the
event, prior to January 1, 1989, a Participant or Beneficiary has
commenced receiving benefits under a payment option or has
irrevocably elected a payment option or benefit commencement
date, then that paYment option or election shall remain in effect
notwithstanding any other provision of the Plan.
ARTICLE VIII. NON-ASSIGNABILITY
8.01 In General: Except as provided in Section 8.02, no
Participant or Beneficiary shall have any right to commute, sell,
assign, pledge, transfer or otherwise conveyor encumber the
right to receive any payments hereunder, which payments and
rights are expressly declared to be non-assignable and
nontransferable.
8.02 Domestic Relations Orders: (a) Allowance of Transfers: To
the extent required under final judgement, decree, or order
( including approval of a property settlement agreement) made
pursuant to a state domestic relations law, any portion of a
Participant's Account may be paid or set aside for payment to a
spouse, former spouse, or child of the Participant. Where
.
necessary to carry out the terms of such an order, a separate
Account shall be established with respect to the spouse, former
spouse, or child who shall be entitled to make investment
selections with respect thereto in the same manner as the
Participant; any amount so set aside for a spouse, former spouse,
or child shall be paid out in a lump sum at the earliest date
that benefits may be paid to the Participant, unless the order
directs a different time or form of payment. Nothing in this
Section shall be construed to authorize any amount to be
distributed under the Plan at a time or in a form that is not
permitted under Section 457 of the Code. Any Payment made to a
person other than the Participant pursuant to this Section shall
be reduced by required income tax withholding; the fact that
payment is made to a person other than the Participant may not
prevent such payment from being includible in the gross income of
the Participant for withholding and income tax reporting
purposes.
.
( b ) Release from Liability to Participant: Mohave County's
liabili ty to pay benefits to a Participant shall be reduced to
the extent that amounts have been paid or set aside for payment
to a spouse, former spouse, or child pursuant to paragraph (a) of
the Section. No such transfer shall be effectuated unless Mohave
County or Administrator has been provided with satisfactory
evidence that Mohave County and the Administrator are released
from any further claim by the Participant with respect to such
amounts. The Participant shall be deemed to have released Mohave
County and the Administrator from any claim with respect to such
amounts, in any case in which (i) Mohave County or Administrator
has been served with legal process or otherwise joined in a
proceeding relating to such transfer, ( ii ) the Participant has
been notified of the pendency of such proceeding in the manner
prescribed by the law of the jurisdiction in which the proceeding
is pending for service of process in such action or by mail from
Mohave County or Administrator to the Participant's last known
mailing address, and ( iii ) the Participant fails to obtain an
order of the court in the proceeding relieving Mohave County or
Administrator from the obligation to comply with the judgment,
decree, or order.
.
(c) participation in Legal Proceedings: Mohave County and
Administrator shall not be obligated to defend against or set
aside any judgement, decree, or order described in paragraph (a)
any legal order relating to the garnishment of a Participant 's
benefits, unless the full expense of such legal action is borne
by the participant. In the event that the Participant's action
(or inaction) nonetheless causes Mohave County or Administrator
to incur such expense, the amount of the expense may be charged
against the Participant's Account and thereby reduce Mohave
County's obligation to pay benefits to the Participant. In the
course of any proceeding relating to divorce, separation, or
child support, Mohave County and Administrator shall be
authorized to disclose information relating to the Participant's
Account to the Participant's spouse, former spouse, or child
(including the legal representatives of the spouse, former
spouse, or child), or to a court.
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ARTICLE IX. RELATIONSHIP TO OTHER PLANS AND EMPLOYMENT AGREEMENTS
The plan serves in addition to any other retirement, pension, or
benefi t plan or system presently in existence or hereinafter
established for the benefit of Mohave County's employees, and
participation hereunder shall not affect benefits receivable
under any such plan or system. Nothing contained in this Plan
shall be deemed to constitute an employment contract or agreement
between any Participant and Mohave County or to give any
Participant the right to be retained in the employ of Mohave
County. Nor shall anything herein be construed to modify the
terms of any employment contract or agreement between a
Participant and Mohave County.
ARTICLE X. AMENDMENT OR TERMINATION OF PLAN
Mohave County may at any time amend this plan provided that it
transmits such amendment in writing to the Administrator at least
30 days prior to the effective date of the amendment. The
consent of the Administrator shall not be required in order for
such amendment to become effective, but the Administrator shall
be under no obligation to continue acting as Administrator
hereunder if it disapproves of such amendment. Mohave County may
at any time terminate this Plan.
The Administrator may at any time propose an amendment to the
Plan by an instrument in writing transmitted to Mohave County at
least 30 days before the effective date of the amendment. Such
amendment shall become effecti ve unless, wi thin such 30 day
period, Mohave County notifies the Administrator in writing that
it disapproves such amendment, in which case such amendment shall
not become effective. In the event of such disapproval, the
Administrator shall be under no obligation to co~tinue acting as
Administrator hereunder. If this Plan document constitutes an
amendment and restatement of the Plan as previously adopted by
Mohave County, the amendments contained herein shall become
effective on January 1, 1993, and the terms of the preceding Plan
document shall remain in effect through December 31, 1993.
Except as may be required to maintain the status of the Plan as
an eligible deferred compensation plan under section 457 of the
Code or to comply with other applicable laws, no amendment or
termination of the' Plan shall divest any Participant of any
rights with respect to compensation deferred before the date of
the amendment or termination.
ARTICLE XI. APPLICABLE LAW
The Plan shall be construed under the laws of the state where
Mohave County is located and is established with the intent that
it meet the requirements of an "eligible deferred compensation
plan" under Section 457 of the Code, as amended. The provisions
of this Plan shall be interpreted wherever possible in conformity
with the requirements of that section.
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ARTICLE XII. GENDER AND NUMBER
The masculine pronoun, whenever used herein, shall include the
feminine pronoun, and the singular shall include the plural,
except where the context requires otherwise.
<martha>ICMA/PLAN/DOCUMENT
APPENDIX B
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MOHAVE COUNTY
ICMA PLAN DOCUMENT
Declaration of ICMA Retirement Trust
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PERSONNEL AND RISK MANAGEMENT
EFFECTIVE: JANUARY 1, 1993
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ARTICLE I. NAME DEFINITIONS
1.1 Name: The Name of the Trust, as amended and restated Hereby,
in the ICMA Retirement Trust.
1.2 Definitions: Wherever they are used herein, the following
terms shall have the following respective meanings:
(a) By-Laws. The By-Laws referred to in Section 4.1 hereof,
as amended from time to time.
(b) Deferred Compensation Plan. A deferred compensation
plan established and maintained by a Public Employer for the
purpose of providing retirement income and other deferred
benefits to its employees in accordance with the provision
of section 457 of the Internal Revenue Code of 1954, as
amended.
(c) Employees. Those employees who participate in Qualified
Plans.
(d) Employer Trust. A trust created pursuant to an
agreement between RC and a Public Employer for the purpose
of investing and administering the funds set aside by such
Employer in connection with its Deferred Compensation
agreements with its employees or in connection with its
Qualified Plan.
(e) Guaranteed Investment Contract. A contract entered into
by the Retirement Trust with insurance companies that
provides for a guaranteed rate of return on investments made
pursuant to such contract.
(f) lCMA. The International City Management Association.
(g) lCMA/RC Trustees. Those Trustees elected by the Public
Employers who, in accordance with the provisions of Section
3.1(a) hereof, are also members, or former members, of the
Board of Directors of ICMA or RC.
(h) Investment Adviser. The Investment Adviser that enters
into a contract with the Retirement Trust to provide advice
with respect to investment of the Trust Property.
(i) Portfolios. The Portfolios of investment established by
the Investment Adviser to the Retirement Trust, under the
supervision of the Trustees, for the purpose of providing
investments for the Trust Property.
(j) public Employee Trustees. Those Trustees elected by the
Public Employers who, in accordance with the provision of
Section 3.1 (a) hereof, are full-time employees of Public
Employers.
(k) public Employer Trustees. Public Employers who serve as
trustees of the Qualified Plans.
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The appointment shall be made by a written instrument signed by a
majority of the Trustees. The person appointed must be the same
type of Trustee (i.e., Public Employee Trustee or ICMA/RC
Trustee) as the person who has ceased to be a Trustee. An
appointment of a Trustee may be made in anticipation of a vacancy
to occur at a later date by reason of retirement or resignation,
provided that such appointment shall not become effective prior
to such retirement or resignation. Whenever a vacancy in the
number of Trustees shall occur, until such vacancy is filled as
provided in this Section 3.5, the Trustees in office, regardless
of their number, shall have all the powers granted to the
Trustees and shall discharge all the duties imposed upon the
Trustees by this Declaration. A written instrument certifying
the existence of such vacancy signed by a majority of the
Trustees shall be conclusive evidence of the existence of such
vacancy.
3.6 Trustees Serve Representative Capacity: By executing this
Declaration, each Public Employer agrees that the Public Employee
Trustees elected by the Public Employers are authorized to act as
agents and representatives of the Public Employers collectively.
ARTICLE IV. POWERS OF TRUSTEES
4.1 General Powers: The Trustees shall have the power to
conduct the business of the Trust and to carryon its operations.
Such power shall include, but shall not be limited to, the power
to:
( a ) recei ve the Trust Property from the Public Employers,
Public Employer Trustees or other Trustee of any Employer Trust;
(b) enter into a contract with an Investment Adviser
providing, among other things, for the establishment and
operation of the Portfolios, selection of the Guaranteed
Investment Contracts in which the Trust Property may be invested,
selection of the other investments for the Trust Property and the
payment of reasonable fees to the Investment Adviser and to any
sub-investment adviser retained by the Investment Adviser;
(c) review annually the performance of the Investment
Adviser and approve annually the contract with each Investment
Adviser;
(d) invest and reinvest the Trust Property in the
Portfolios, the Guaranteed Interest Contracts and in any other
investment recommended by the Investment Adviser, but not
including securities issued by Public Employers, provided that if
a Public Employer has directed that its monies be invested in
specified Portfolios or in a Guaranteed Investment Contract, the
Trustees of the Retirement Trust shall invest such monies in
accordance with such directions;
(e) keep such portion of the Trust Property in cash or cash
balances as the Trustees, from time to time, may deem to be in
the best interest of the Retirement Trust created hereby without
liability for interest thereon;
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( f) accept and retain for such time as they may deem
advisable any securities or other property received or acquired
by them as Trustees hereunder, whether or not such securities or
other property would normally be purchased as investment
hereunder;
(g) cause any securities or other property held as part of
the Trust Property to be registered in the name of the Retirement
Trust or in the name of a nominee, and to hold any investment in
bearer from, but the books and records of the Trustees shall at
all times show that all such investments are a part of the Trust
property;
(h) make, execute,
documents of transfer
instruments that may be
powers herein granted;
acknowledge, and deliver any and all
and conveyance and any and all other
necessary or appropriate to carry out the
.
(i) vote upon any stock, bonds, or other securities; give
general or special proxies or powers of attorney with or without
power of substitution; exercise any conversion privileges,
subscription rights, or other options, and make any payments
incidental thereto; oppose, or consent to, or otherwise
participate in, corporate reorganizations or to other changes
effecting corporate securities, and delegate discretionary powers
and pay any assessments or changes in connection therewith; and
generally exercise any of the powers of an owner with respect to
stocks, bonds, securities, or other property held as part of the
Trust Property;
(j) enter into contracts or arrangements for goods or
services required in connection with the operation of the
Retirement Trust, including, but not limited to, contracts with
custodians and contracts for the provision of administrative
services;
(k) borrow or raise money for the purposes of the Retirement
Trust in such amount, and upon such terms and conditions, as the
Trustees shall deem advisable, provided that the aggregate amount
of such borrowings shall not exceed 30% of the value of the Trust
Property. No person lending money to the Trustees shall be bound
to see the application of the money lent or to inquire into its
validity, expediency or propriety or any such borrowing;
(1) incur reasonable expenses as required for the operation
of the Retirement Trust and deduct such expenses from the Trust
property.
(m) pay expenses properly allocatable to the Trust Property
incurred in connection with the Deferred Compensation Plans.
Qualified Plans, or Mohave County Trusts and deduct such expenses
from the portion of the Trust Property to whom such expenses are
properly allocatable;
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(n) payout the Trust Property all real and personal
property taxes, income taxes and other taxes of any and all kinds
which, in the opinion of the Trustees, are properly levied, or
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assessed under existing or future laws upon, or in respect of,
the Trust Property and allocate any such taxes to the appropriate
accounts;
(0) adopt, amend and repeal the By-Laws, provided that such
By-Laws are at all times consistent with the terms of the
Declaration of Trust;
(p) employ persons to make available interest in the
Retirement Trust to employers eligible to maintain a Deferred
Compensation plan under Section 457 or a Qualified Plan under
Section 401 of the Internal Revenue code, as amended;
(q) issue the Annual Report of the Retirement Trust, and the
disclosure documents and other literature used by the Retirement
Trust;
(r) make loans, including the purchase of ,debt obligations,
provided that all such loans shall bear interest at the current
market rate.
(s) contract for, and delegate any powers granted hereunder
to, such officers, agents, employees, auditors and attorneys as
the Trustees may select, provided that the Trustees may not
delegate the powers set forth in paragraphs (b), (c), and (0) of
this Section 4.1 and may not delegate any powers if such
delegations would violate their fiduciary duties;
provide for the indemnification of the Officers and
of the Retirement Trust and purchase fiduciary
(t)
Trustees
insurance;
(u) maintain books and records, including separate accounts
for each Public Employer, Public Employer Trustee or Employer
Trust and such additional separate accounts as are required
under, and consistent with, the Deferred Compensation or
Qualified plan of each Public Employer; and
(v) do all such acts, take all such proceedings, and
exercise all such rights and privileges, although not
specifically mentioned herein, as the Trustees may deem necessary
or appropriate to administer the Trust Property and to carry out
the purposes of the Retirement Trust.
4.2 Distribution of Trust Property: Distributions of the Trust
property shall be made to, or on behalf of, the public Employer
or Public Employer Trustee, in accordance with the terms of the
Deferred Compensation Plans, Qualified Plans or Employer Trusts.
The Trustees of the Retirement Trust shall be fully protected in
making payments in accordance with the directions of the Public
Employers, Public Employer Trustees or other Trustee of Mohave
County Trusts without ascertaining whether such payments are in
compliance with the provision of the Deferred Compensation or
Qualified Plans, or the agreements creating Mohave County Trusts.
4.3 Execution
designate any
The
the
Trustees
Trustees
may unanimously
to execute any
of Instruments:
one or more of
.
.
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instrument or document on behalf of all, including but not
limi ted to the signing or endorsement of any check and the
signing of any applications, insurance and other contracts, and
the action of such designated Trustee or Trustees shall have the
same force and effect as if taken by all the Trustees.
Otherwise, such actions and responsibilities are delegated to the
officers of the Trust, or their designees.
ARTICLE V. DUTY OF CARE AND LIABILITY OF TRUSTEES
5.1 Duty of Care: In exercising the powers herein before
granted to the Trustees, the Trustees shall perform all acts
wi thin their authority for the exclusive purpose of providing
benefi ts for the Public Employers in connection with Deferred
Compensation Plans and Public Employer Trustees pursuant to
Qualified Plans, and shall perform such acts with the care,
skill, prudence, and diligence in the circumstances then
prevailing that a prudent person acting in a like capacity and
familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims.
5.2 Liability: The Trustees shall not be liable for any mistake
of judgment or other action taken in good faith, and for any
action taken or omitted in reliance in good faith upon the books
of account or other records of the Retirement Trust, upon the
opinion of counsel, or upon reports made to the Retirement Trust
by any of its officers, employees or agents or by the Investment
Adviser or any sub-investment adviser, accountants, appraisers,
or other experts or consultants selected with reasonable care by
the Trustees, officers or employees of the Retirement Trust. The
Trustees shall also not be liable for any loss sustained by the
Trust Property by reason of any investment made in good faith and
in accordance with the standard of care set forth in Section 5.1.
5.3 Bond: No Trustee shall be obligated to give any bond or
other security for the performance of any of his or her duties
hereunder.
ARTICLE VI. ANNUAL REPORT TO SHAREHOLDERS
The Trustees shall annually submit to the Public Employers and
Public Employer Trustees a written report of the transactions of
the Retirement Trust, including financial statements which shall
be certified by independent public accountants chosen by the
Trustees.
ARTICLE VII. DURATION OR AMENDMENT OF RETIREMENT TRUST
7.1 wi thdrawal: A Public Employer or Public Employer Trustee
may, at any time, withdraw from this Retirement Trust by
delivering to the Board of Trustees a written statement of
wi thdrawal. In such statement, the Public Employer or Public
Employer Trustee shall acknowledge that the Trust Property
allocatable to the Public Employer is derived from compensation
deferred by employees of such Public Employer pursuant to its
Deferred Compensation Plan or from contributions to the accounts
of Employees pursuant to a Qualified Plan, and shall designate
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.
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the financial institution to which such property shall be
transferred by the Trustees of the Retirement Trust or by the
Trustee of Mohave County Trust.
7.2 Duration: The Retirement Trust shall continue until
termination by the vote of a maj ori ty of the Public Employers,
each casting one vote. Upon termination, all the Trust Property
shall be paid out to the Public Employers. Public Employer
Trustees or the Trustees of Mohave County Trusts, as appropriate.
7.3 Amendment: The Retirement Trust may be amended by the vote
of a majority of the public Employers, each casting one vote.
7.4 Procedure: A resolution to terminate or amend the
Retirement Trust or to remove a Trustee shall be submitted to a
vote of the Public Employers if: (i) a majority of the Trustees
so direct, or; (ii) a petition requesting a vote signed by not
less than 25% of the Public Employers, is submitted to the
Trustees.
ARTICLE VIII. MISCELLANEOUS
8.1 Governing Law: Except as otherwise required by state of
local law, this Declaration of Trust and the Retirement Trust
hereby created shall be construed and regulated by the laws of
the District of Columbia.
8.2 Counterparts: This Declaration may be executed by the
Public Employers and Trustees in two or more counterparts, each
of which shall be deemed an original but all of which together
shall constitute one and the same instrument.
<~artha)ICMA/PLAN/POC