[Adopted 5-14-2012 by Ord. No. 12-14-1]
The adoption of the Stratford OPEB Trust (the "trust") is hereby
approved. The trust shall be governed by a trust agreement substantially
in the form attached hereto as Exhibit A and incorporated herein by
reference (the "trust agreement").[1] The trust agreement is hereby approved. The Mayor is hereby
authorized and directed to execute the trust agreement on behalf of
the Town.
[1]
Editor's Note: The trust agreement is on file in the Town
offices.
The Director of Finance of the Town, the Human Resources Director
of the Town and the Chief Administrative Officer of the Town shall
serve as the initial Trustees (the "Trustees") under the trust agreement
in accordance with the terms of the trust agreement. An Investment
Manager and a Custodian for the trust may be selected by the Trustees
in accordance with the terms of the trust agreement. The Trustees
shall adopt an investment policy for the trust.
The terms of the plans shall govern the ultimate payment and
disbursement of the funds accumulated in the trust. Payments shall
be made from the trust only to provide benefits to beneficiaries in
accordance with the terms of the plans. Funds held in the trust may
not be used for any purpose other than to pay operating and administrative
expenses of the trust, make payments permitted under applicable Connecticut
law, pay benefits to beneficiaries in accordance with the terms of
the plans, and make a distribution to a trust or entity whose income
is exempt from federal income taxation under Section 115 of the Internal
Revenue Code of 1986, as amended, as specified by the Town upon the
termination of the trust agreement as provided in the trust agreement.
The Director of Finance or the Human Resources Director, or
his/her designee, is hereby authorized and approved to take any further
action that he/she, in his/her discretion, deems necessary or appropriate
to effectuate the foregoing resolution, including, without limitation,
executing the trust agreement and filing and executing appropriate
documents and requests with the Internal Revenue Service.
Any actions taken by Town officials with respect to preparation
of the trust and the trust agreement prior to the effective date of
this article are hereby ratified, authorized, and approved.
The Town's Reserved –  OPEB Trust Account (Account
No. 01-2242) included in the Town's designated general fund balance
shall be transferred to the trust and allocated to such trust as determined
by the Director of Finance after this article becomes effective but
in no event later than June 30, 2012.
