ORD 1996-15 - Southwestern Life Plan Trust 09-10-1996ORDINANCE NO. 96-15
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
HUNTSVILLE, TEXAS, ESTABLISHING A TRUST FOR THE BENEFIT OF
CERTAIN PERSONS EMPLOYED BY THE CITY BEFORE JANUARY 1,
1980, TO BE KNOWN AS THE "EMPLOYEES RETIREMENT PLAN
TRUST - SOUTHWESTERN LIFE "; AND MAKING OTHER PROVISIONS
AND FINDINGS RELATED HERETO.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF HUNTSVILLE, TEXAS,
that:
SECTION 1: There is hereby created the "Employees Retirement Plan Trust - Southwestern Life"
for the benefit of certain persons employed by the City before January 1, 1980, in
substantial compliance with the terms and provisions of the Trust Instrument hereto
attached.
SECTION 2: The City Council hereby designates and appoints as trustees of the "Employees
Retirement Plan Trust - Southwestern Life" the following persons, each for a three
year term:
William B. Green
Dan S. Davis
Scott Bounds
The terms shall be effective immediately and shall end December 31, 1999.
SECTION 3: This ordinance shall take effect immediately.
APPROVED this 10th day of September, 1996.
THE CITY OF HUNTSVI E
William B. Green, Mayor
A ST:
Danna Welter, City Secretary
AP VED O FORM:
Sc tt Bounds, ity Attorney
EMPLOYEES RETIREMENT PLAN
TRUST - SOUTHWESTERN LIFE
ARTICLE ONE
1.1 All money and other property held by the Trustees here at any time is referred to as the
fund. The fund shall be held by the Trustees in trust and shall be dealt with in accordance
with the provisions of this agreement and the attached Plan and Amendments.
1.2 The Trustees shall direct the payments from the plan.
1.3 The Trustees shall not be under any duty to require payment of any contributions to the
fund, or otherwise be responsible for the adequacy of the fund to meet and discharge any
liabilities under the plan.
ARTICLE TWO
2.1 The Trustees shall have the responsibility of periodically reviewing the assets held in the
fund.
2.2 The Trustees shall make, execute, acknowledge and deliver any documents of transfer
and conveyance and any other instruments that may be necessary or appropriate to carry
out the powers granted here.
ARTICLE THREE
3.1 All taxes of any kind that may be levied or assessed under existing or future laws upon
the fund or upon the income or property of it and any expenses incurred by the Trustees
in the administration of the fund that are necessary and proper for the protection and
preservation of the fund and that are approved by the Council shall constitute a charge
against the fund.
3.2 The Trustees shall receive no compensation for any services rendered pursuant to this
agreement.
3.3 The Trustees shall not incur any personal liability of any nature in connection with any
act done or omitted in good faith in the administration of this trust, or in carrying out any
directions of the board issued in accordance with this agreement.
3.4 The Trustees shall keep accurate and detailed accounts of all receipts, disbursements and
other transactions under this agreement, and all related accounts, books and records shall
be open to inspection and audit at all reasonable times by any person designated by the
Council. As of the close of each fiscal year, ending September 30, the Trustees shall file
�G
with the Council a written account setting forth all receipts, disbursements, and other
transactions effected by it during the period from the date of its last such account.
3.5 The Trustees may be removed by the City Council at any time upon ten days notice in
writing to a Trustee. A Trustee may resign at any time upon ten days notice in writing to
the Council. In either case, the necessity for such ten days notice may be waived by the
mutual agreement of the Trustee and the Council.
ARTICLE FOUR
4.1 The Trustees shall dispose of the fund in accordance with the terms of the plan.
4.2 The Council reserves the right at any time to time by written instrument delivered to the
Trustees to alter or amend this Trust Agreement in whole or in part.
4.3 Nothing contained in the plan, either expressly or by implication, shall be deemed to
impose any powers, duties or responsibilities on the Trustees other than those set forth in
this agreement.
Trust Instrument adopted by City Council on
v;�'7