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Resolution No. 1696RESOLUTION NO. 1696 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS ESTABLISHING AN AMENDED DEFERRED COMPEN- SATION PLAN FOR EMPLOYEES AND AUTHORIZING THE IMPLEMENTATION THEREOF. WHEREAS, the City Council of the City of Cypress desires to enable the employees of said City to plan and provide for adequate financial resources for retirement; and WHEREAS, the Internal Revenue Code provides a method by which employees who defer a portion of their income until retirement pursuant to a plan need not pay Federal Income tax thereon until after retirement; and WHEREAS, this City Council finds and determines that it would be in the best interest of the City of Cypress and its residents to establish such a plan and to make the same available to its employees; and WHEREAS, by Resolution No. 1680, such a plan was established; but said plan did not conform to certain requirements of the Internal Revenue Service; and this Council wishes to establish an amended plan consistent with said requirements, NOW, THEREFORE, the City Council of the City of Cypress hereby resolves as follows: SECTION 1. Cypress City Council Resolution No. 1680 hereby is repealed in its entirety, and the Plan referred to therein hereby is rescinded. SECTION 2. The City Council hereby approves and adopts as a deferred compensation plan for its employees that certain document entitled "The City of Cypress Deferred Compensation Plan" dated March 8, 1976, a copy of which is on file in the City Clerk's Office, and which by this reference is incorporated herein as though set forth at length. SECTION 3. The City Attorney hereby is authorized and directed to transmit a copy of this Resolution and of said Plan to the Internal Revenue Service and to request therefrom a "favorable determination letter." SECTION 4. Said Plan shall become effective upon receipt by the District of said determination letter. PASSED AND ADOPTED by the City Council of the City of Cypress at a regular meeting held on the 8th day of March, 1976. ATTEST: CITY CLE'RK' OFA THE'CITY OF CYPRESS STATE OF CALIFORNIA ) COUNTY OF ORANGE SS. MAYOR OF THE CITY OF CYPRESS I, DARRELL ESSEX, City Clerk of the City of Cypress, DO HEREBY CERTIFY that the foregoing Resolution was duly adopted at a regular meeting of the said City Council held on the 8th day of March, 1976; by the following roll call vote: AYES: 5 COUNCILMEN: Harvey, Kanel, Lacayo, Sonju and MacLain NOES: 0 COUNCILMEN: None ABSENT: 0 COUNCILMEN: None 7/ ( CITY CLERK OF THE CITY OF CYPRESS