HomeMy WebLinkAbout1983-02-24 - Resolution No. 83-010 0 0 9
RESOLUTION NO. 83-1
RESOLUTION OF THE BOARD OF DIRECTORS OF THE YORBA
LINDA COUNTY WATER DISTRICT AMENDING THE EMPLOYEES
DEFERRED COMPENSATION PLAN AND AUTHORIZING ITS
IMPLEMENTATION
WHEREAS, the Directors of the Yorba Linda County Water District
have sought to provide special inducement and incentives
for the personnel and employees of the District, and
WHEREAS, a deferred compensation plan was adopted by Resolution
No. 74-6 on April 11, 1974, and
WHEREAS, the Internal Revenue Service reviewed the original
Deferred Compensation Plan and determined that certain
amendments would be required prior to issuing a ruling
on the Federal Income Tax consequences of the Plan, and
WHEREAS, the requested amendments were incorporated into the Plan
and the amended deferred compensation plan was adopted
by Resolution No. 74-15 on September 12, 1974, and
WHEREAS, the changes to the Internal Revenue Code now allows more
frequent enrollment periods and places limitation on the
amount of income that can be deferred, and the revisions
were incorporated into the deferred compensation plan
dated March 13, 1980 and the amended deferred compensation
plan adopted by Resolution No. 80-2 on March 13, 1980,
and
WHEREAS, the District Secretary is retiring and can no longer serve
as the Plan Administrator, and
WHEREAS, the Plan requires an Administrator who is not a participant,
NOW, THEREFORE BE IT RESOLVED by the Board of Directors of the
Yorba Linda County Water District as follows:
1. The amended employee deferred compensation plan
adopted by Resolution No. 80-2 on March 13, 1980 shall
continue in effect with the exception that M. Roy Knauft Jr.
director is designated as Plan Administrator.
Passed and adopted this 24 day of Februarv 1983 by the following
called vote:
AYES: Directors Knauft, Lindow, Clodt, Cromwell and Armstrong
NOES: None
ABSENT: None
ABSTAIN:None
PRESIDENT '
ATTEST: Secfetary