19971014 r-97-43RESOLUTION NO. R-97-43
A RESOLUTION AUTHORIZING A NEW TRUSTEE FOR THE
RETIREMENT PLAN FOR THE EMPLOYEES OF THE CITY OF
FAIR.FAX AND THE RETIREMENT PLAN FOR POLICE AND FIRE
EMPLOYEES OF THE CITY OF FAIRFAX, VIRGINIA
WHEREAS, NationsBank of Virginia, N.A., has transferred its trust business to
Bankers Trust and the Retirement Committee has decided to terminate NationsBank and its
successor as Trustee of the Trust Agreement for the Retirement Plan for the Employees of
the City of Fairfax and the Retirement Plan for Police and Fire Employees of the City of
Fairfax; and
WHEREAS, the Retirement Committee has chosen Crestar Bank to be the
successor and recommended their appointment as Trustee.
NOW THEREFORE, BE IT RESOLVED, by the City of Fairfax, Virginia that the
adoption of the City of Fairfax Retirement Plan for Employees of the City of Fairfax and
the Retirement Plan for Police and Fire Employees of the City of Fairfax, Virginia (the
"Plan"), effective July 1, 1968, are hereby confirmed and ratified; and
BE IT FURTHER RESOLVED, that NationsBank and its successor Bankers Trust
are hereby terminated as Trustee and that the appointment of Crestar Bank as successor
Trustee to NationsBank of Virginia, N.A., of the Plan subject to the terms and conditions of
a revised and restated Trust Agreement entered into by and between the City of Fairfax and
Crestar Bank effective December 1, 1997 (the "Trust"), is hereby confirmed and ratified;
and
BE IT FURTHER RESOLVED, that the City agrees to hold Crestar Bank, as
successor Trustee, harmless from and indemnify it against all taxes, expenses (including
but not limited to counsel fees), liabilities, claims, damages, suits or other charges incurred
by or assessed against Crestar Bank as successor Trustee, as a direct or indirect result of
any act or omission of a predecessor trustee or any person obligated under any agreement
affecting the Trust assets taken or omitted prior to the effective date of Crestar Bank's
appointment as successor Trustee; and
BE IT FURTHER RESOLVED, that the following individuals or any one of them
shall be and are hereby authorized to take such action as they may deem appropriate under
the applicable provisions of the Plan and Trust to effectuate the on-going administration of
said Plan and Trust: Edward J. Cawley, Finance Director and Robert L. Sisson, City
Manager; and
BE IT FURTHER RESOLVED, that this authorization shall be of a continuing
nature and shall be in full force and effect until revoked by resolution of the City Council;
and
BE IT FURTHER RESOLVED, that the City shall immediately notify Crestar Bank
of any additions to or deletions from the designated list of authorized individuals and shall
provide Crestar Bank with sample signatures of individuals so authorized by this resolution
and of any individuals so authorized subsequent to this resolution.
R-97-43
ADOPTED this 14th day of October, 1997.
Mayor
ATTEST:
-C0t-y Cl~rk