Resolution 05-91 • P,
TIGARD WATER DISTRICT
BOARD OF COMMISSIONERS
RESOLUTION NO. 5-91
RE: Adoption of Restated Deferred Compensation Plan
On the motion made by Commissioner Audrey Castile. and seconded
by Commissioner Walter Stronach, and passed by affirmative action of the
Board of Commissioners, on this 9th day of April. 1991, Tigard Water
District adopts the following resolution:
Whereas, after full and deliberate consideration, the Board of
Commissioners of Tigard Water District believe it to be in the best
interests of the District and it's Employees to adopt a restated Deferred
Compensation Plan for the Employees of the District, reflecting current
law and changes required by the Internal Revenue Code;
BE IT RESOLVED, that the restated Deferred Compensation Plan
heretofore considered and discussed is hereby approved effective as of
July 1 . 1989.
BE IT FURTHER RESOLVED, that the Board of Commissioners are
authorized to do all things necessary to effectuate the restated Deferred
Compensation Plan and to follow through with the necessary request for a
ruling with the Internal Revenue Service with respect to said Plan.
BE IT FURTHER RESOLVED, that the Plan shall be deemed effective as
of the above mentioned date, subject to the condition that such Plan be
granted favorable approval by the Internal Revenue Service so that
contributions to the Plan will be deemed proper corporate tax deductions
and nontaxable to the Employees.
5-91
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Ch ' man of the Board
Attested to this /5 day of April 1991 , by:
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hn P. Miller, Administrator and
Recording Secretary of the
Board of Commissioners,
Tigard Water District
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