1992-195-Amending Deferred Compensation Administration Plan To Limit Investment AlternativesRESOLUTION 1992 -195
RESOLUTION OF THE TOWN OF LOS GATOS
AMENDING DEFERRED COMPENSATION ADMINISTRATION PLAN
TO LIMIT INVESTMENT ALTERNATIVES
WHEREAS, Great Western Bank is the Town's Deferred Compensation Plan
administrator; and
and
WHEREAS, the Town wishes to redefine investment alternatives for Plan assets;
NOW, THEREFORE, BE IT RESOLVED that the Deferred Compensation Plan
of the Town of Los Gatos is hereby amended as set forth in the attachment so hereafter
all Plan assets will be invested only in the alternatives described.
PASSED AND ADOPTED at a regular meeting of the Town Council of the
Town of Los Gatos, California, held on the 19th day of October, 1992 by the following vote:
COUNCIL MEMBERS:
AYES: Randy Attaway, Joanne Benjamin, Steven Glanton, Brent N. Ventura
Mayor Eric D. Carlson
NAYES: None
ABSENT: None
ABSTAIN: None
SIGNED: _
Y R OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
CLERK OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
1 . •
Section 1. Name: The name of this Plan is the Town of Los Gatos Deferred
Compensation Plan, hereinafter referred to as the "Plan".
Section 2. Purpose: The primary purpose of the Plan is to attract and retain personnel
by permitting them to enter into agreements with the Employer which will provide for
deferral of payment of a portion of their current Compensation until death, disability,
retirement, termination of employment, or other event as provided herein, in accordance
with the provisions of Section 53212 - 53214 of the Government Code of the State of
California, and Section 457 and other applicable sections of the Internal Revenue Code.
This amended Plan becomes effective.
Section 3. Definitions: For the purposes of this Plan when used and capitalized herein
the following words and phrases shall have the meaning set forth below:
3.1 "Employer shall be the Town of Los Gatos.
3.2 "Eligible Employee ", hereinafter referred to as "Employee" means any
officer of full -time employee of the Town of Los Gatos. Employee
also means any permanent part -time employee working half -time or
more.
3.3 "Participant" shall mean any Employee who fulfills the requirements
under Section 4.
3.4 "Participation Agreement" shall mean the agreement executed and
filed by an Employee with the Employer pursuant to Section 4, by
which the Employee elects to become a Participant in the Plan.
3.5 "Compensation" shall mean the total of all amounts which would be
paid by the Employer to or for the benefit of an Employee (if he were
not a Participant in the Plan) for services performed during the period
that the Employee is a Participant including any amounts that may be
credited to the Participant's account in accordance with Section 8 of
the Plan. Compensation shall be taken into account at its present
value and its amount shall be determined without regard to any
community property laws.
3.6 "Employment Period" means a period
December 31 of the same year, except
Period of an Employee hired on any dat e
be the period beginning with the date of
December 31 of the same year.
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from January 1 through
that the first Employment
other than January 1 shall
employment and ending on
ATTACHMENT 2
3.7 "Custodian means the bank or trust company appointed by the
Employer to have custody of its assets held pursuant to the terms of
the Plan.
3.8 "Normal Retirement Age" means the date a Participant attains age 70
1/2 or, at the election of the Participant, any earlier date that is no
earlier than the earliest age at which the Participant has the right to
retire under the Employer's basic pension plan.
3.9 "Includable Compensation" means Compensation for service
performed for the Employer which (taking into account the provisions
of Section 403(b) and Section 457 of the Internal Revenue Code of
1954, as amended) is currently includable in gross income for federal
income tax purposes.
3.10 "Committee" means the Deferred Compensation Plan Committee.
Section 4. Participation in the Plan:
4.1(a) Each Employee may elect to become a Participant in the
Plan and defer payment of Compensation not yet earned
by executing a written Participation Agreement and filing
it with the Employer not later than sixty (60) days from the
date of employment with the Town. Thereafter,
4.1(b) Each eligible Employee may elect to become a Participant
in the Plan and defer payment of Compensation not yet
earned by executing a written Participation Agreement and
filing it with the Employer prior to the beginning of the
month for which the deferral is to be applied during open
enrollment periods.
4.1(c) Modifications to existing Participation Agreements must be
filed with the Employer prior to the beginning of the
month for which the deferral is to be applied during open
enrollment periods.
4.2 The amount of Compensation which may be deferred by
a Participant is subject to the following limitations:
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4.2(a) At the time of entering into an agreement hereunder to
defer Compensation or at the time of re -entry following a
withdrawal or at the time a change in the amount to be
deferred is elected, the maximum amount a Participant
may defer during an Employment Period shall not exceed
the lesser of $7,500 or 33 1/3 percent of the Participant's
Includable Compensation. The minimum amount a
Participant may defer is $25.00 monthly.
4.2(b) For one (1) or more of a Participant's last three (3)
Employment Periods ending before the Participant attains
Normal Retirement Age the maximum amount a
Participant may defer during the Employment Period shall
not exceed the lesser of $15,000 or the sum of the
maximum amount which could be deferred for the
Employment Period established in Section 4.2(a) above,
plus so much of such maximum amounts determined under
Section 4.2(a) for Employment Periods after the effective
date of the Plan (only if it begins after December 31, 1978)
but before the current employment year and in which the
Participant was eligible to participate in the Plan, less the
amount of Compensation as has heretofore been used
under Section 4.2(a). Provisions of this paragraph shall not
apply more than once.
4.2(c) In applying paragraphs 4.2(a) and 4.2(b), an amount
deferred for a Participant during an Employment Period
by an exempt organization under a tax sheltered annuity
program shall be treated as an amount deferred for
limitation purposes. Any employee who is or becomes a
Participant in this Plan and any other similar plan shall be
solely responsible for any violation of Section 4.2.
4.3 A Participation Agreement shall remain in effect until it is
terminated, amended, superseded or modified. During
each Employment Period, an existing Participation
Agreement may be amended to effect subsequent deferrals
in accordance with rules established by the Committee.
The modification must be filed with the Employer prior to
the beginning of the month for which the deferral is to be
applied.
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4.4 A participant may terminate further deferral of
Compensation under the Plan by filing with the Employer
an executed notice of termination at least thirty (30) days
prior to the effective date of termination. Once further
deferral of Compensation is terminated, a Participant may
rejoin the Plan in accordance with rules established by the
Committee. No previously deferred amounts shall be
payable to an Employee upon terminating further deferral
of Compensation under the Plan unless otherwise due
pursuant to Section 7 hereof.
4.5 A Participant may select, pursuant to Section 6, one or
more investment objectives provided that the amount
deferred for each objective equals or exceeds the minimum
of not less than $25.00 monthly.
Section 5. Deferral of Compensation: During each Employment Period in which the
Employee is a Participant in the Plan, the Employer shall defer payment of such part of the
Participant's Compensation as is specified by the Employee in the Participation Agreement
which the Participant has executed and filed with the Employer.
Section 6. Administration of the Plan:
6.1 The Plan shall be administered by the Committee, which
shall have the sole authority to enforce the Plan and shall
be responsible for the operation of the Plan in accordance
with its terms, and shall determine all questions arising out
of the administration, interpretation and application of the
Plan, such determinations shall he conclusive and binding
on all persons.
6.2 The Employer shall establish a deferred Compensation
book account for each Participant to which shall be
credited such Participant's deferred Compensation at such
times as it would have been payable but for the
Participant's election to participate in the Plan. On
executing a Participation Agreement, the Employee shall
designate one or more investment objectives. The
investment objective shall be used to measure the increase
or decrease in value of the Participant's deferred
Compensation book account. A Participant may change
his investment objective by filing a modification, and such
investment objective shall apply to (i) all amounts credited
to the Participant's deferred Compensation book account
after the date of filing the modification or (ii) any or all
amounts credited to the Participant's deferred
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Compensation book account before and after the date of
filing the modification but in such case only with respect
to periods after the date the modification is filed. As used
herein, "investment objective" means any investment
specified from time to time by the Employer solely for the
purpose of measuring the value of the Participant's
deferred Compensation book account and taayinchrde -the-
6.3 Each Participant's deferred Compensation book account
shall be revalued monthly to reflect the earnings, gains and
losses which would have been earned had the Participant's
account been invested in the medium specified in his
designated investment objective.
6.4 The Employer may, but is not required to, set aside funds
which may be held by the Custodian to meet the
Employer's liabilities hereunder. All such funds shall at all
times be a general asset of the Employer.
6.5 Neither his Plan nor any Participation Agreement nor any
book account shall be deemed to create a trust or custodial
account on behalf of or for the benefit of any Participant
of the Plano r such Participant's beneficiaries. No
Participant in the Plan nor his beneficiaries shall have, by
reason of the Plan, Participation Agreement or book
account, any secured or preferred interest in or to any
assets of the Employer and in the event of default of any
payment due under the Plan, the Participant or his
beneficiaries shall have the status of a general creditor of
the Employer.
The Employer shall have only a contractual obligation to
pay the benefits due the Participant under the Plan.
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Section 7. Distribution of Benefit
7.1 Commencement of Distribution: Distributions under the
Plan shall commence no earlier than the date the
Participant separates from service with the Employer
(within the meaning of Internal Revenue Code Section
1.457[h] [2] and [3]) and no later that the later of (i) 60
days after the close of the Employment Period in which the
Participant (or former Participant) attains his Normal
Retirement Age or (ii) 60 days after the closed of the
Employment Period in which the Participant separates
from service with the Employer. Subject to the approval
of the Employer, a Participant shall, prior to his Normal
Retirement Age, elect a time of commencement of his
distribution from the Plan. If no such election or approval
is made or obtained, payments shall be made in
accordance with the instructions of the Employer.
7.2 Form and Duration of Distribution: Commencing with the
date determined pursuant to Section 7.1, the full amount
credited to a Participant's book account (reflecting
investment earnings, gains or losses), less any Federal of
State income tax required to be withheld, shall be
distributed provided, however, that the amounts payable
during the Participant's remaining life expectancy
(determined as of the date of the initial distribution
payment) shall be greater than one -half of the full amount
credited to the Participant's book account:
7.2(a) In a lump sum; or
7.2(b) In monthly, quarterly, semi -annual or annual installments.
Installment distributions shall be made in substantially
equal payments, but no payment shall have a value of less
than (the smaller of) One Hundred Dollars ($100.00) or
the balance credited to the Participant's book account. A
Participant's book account balance may continue to be
invested until, in the Employer's sole judgement, cash is to
be withdrawn for payment of benefits.
7.2(c) In the form of an annuity under any settlement option
offered in the annuity contract.
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7.3 Distribution Eligibility:
(a) Retirement - In the event of retirement of the
Employee from the Employer, form and
duration of distribution shall be as provided in
Section 7.2.
(b) Termination of Employment - In the event of
separation from service of the Employee from
the Employer, form and duration of distribution
shall be as provided in Section 7.2.
(c) Disability - In event of termination of
employment by reason of disability, form and
duration of distribution shall be as provided in
Section 7.2.
(d) Death - In the event of the death of any
Participant, either before or after separation
from service, the full amounts credited to the
Participant's book account, less any Federal or
State income tax required to be withheld, shall
be distributed to the Participant's
beneficiary(ies) (as determined under Section
10.4) at the time and in the manner designated
in the Participant's Participation Agreement.
Choices of form of distribution of benefits shall
be as provided in Section 7.2. Notwithstanding
the foregoing, such distribution shall commence
no later than the latest date determined
pursuant to Section 7.1 as if the Participant had
survived to such date, and the manner of
distribution must be such that the payments are
made: (i) if the beneficiary is the Participant's
surviving spouse, over the spouse's remaining
life expectancy (determined as of the date of
the initial distribution payment to the spouse)
or any shorter period; or (ii) if the beneficiary
is not the Participant's surviving spouse, over a
period not in excess of 15 years.
(e) Unforeseeable Emergency - In the event of an
unforeseeable emergency affecting a Participant,
the Participant may apply to the Committee for
withdrawal of such amount from the Plan.
"Unforeseeable emergency" means a severe
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financial hardship to the participant resulting
from a sudden and unexpected illness or
accident of the Participant or of a dependent
(as defined in Section 152(a) of the Internal
Revenue Code) of the Participant's, loss of the
Participant's property due to casualty, or other
similar extraordinary and unforeseeable
circumstances arising as a result of events
beyond the control of the Participant. Examples
of events which may involve an "unforeseeable
emergency" are catastrophic illness, flood, fire,
earthquake, death in the family or disabling
injury. Withdrawals will not be permitted for
expenditures normally budgetable, such as down
payment on a home, purchase of an automobile,
or college expenses. Withdrawal will not be
allowed to the extent that the hardship may be
relived: (i) through reimbursement or
Compensation by insurance of otherwise, (ii) by
liquidation of the Participant's assets (to the
extent such liquidation would not itself cause
severe financial hardship), or (iii) by cessation
of deferrals under the Plan. Withdrawals of
amounts because of an unforeseeable emergency
will be permitted only to the extent reasonably
needed to satisfy the emergency need. Any
amount so approved hereunder for withdrawal
shall be paid to the Participant in a lump sum.
The withdrawal shall be effective at the later of
the dates specified in the Participant's
application or the date approved by the
Committee.
Section 8. Employer Participation: Notwithstanding any other provision of this Plan,
the Employer may, subject to the limitations of Section 4, make additional deposits to a
Participant's deferred compensation book account as additional Compensation for the
services rendered by the Employee to the Employer during any Employment Period,
provided the Employee has elected to have such additional Compensation deferred,
invested, and distributed, pursuant to this Plan, prior to the period in which the
Compensation will be earned. The Employer may make such further deposits to the Plan
as the Employer may deem advisable, subject, however, to the limitations set forth in
Section 4.
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Section 9. Non-assignability: The interest of a Participant in the contractual obligation
of the Employer, established by the Plan, shall not be assignable in whole or in part,
directly or by operation of law or otherwise, in any manner and no right or interest of a
Participant in the Employer's contractual obligation shall be liable for or subject to any
obligation or liability of such participant.
Section 10. Miscellaneous:
10.1 Status of Participants - Neither the establishment of the
Plan nor any modification thereof, nor the establishment
of any book account, nor the agreement between the
Employer and the Custodian, nor the payment of any
benefits, shall be construed as giving to any Participant or
other person any legal or equitable right against the
Employer except as herein provided; and, in no event, shall
the terms of employment of any Employee or Participant
be modified or in any way affected hereby.
10.2 Condition of the Plan - It is a condition of this Plan, and
each Employee by participating herein expressly agrees,
that he shall look solely to the general assets of the
Employer for the payment of any benefit to which he is
entitled under the Plan.
10.3 Governing Law - This Plan shall be construed,
administered and enforced according to the constitution
and laws of the State of California.
10.4 Designation of Beneficiaries - Each Participant shall have
the right, by written notice to the Employer, to designate
one or more beneficiaries to receive any benefit to which
said Participant may be entitled in the event of his death
prior to the complete distribution of benefits under the
Plan. Each Participant shall also have the right, by written
notice to the Employer, to change or revoke their
beneficiary designation without notice to any beneficiary.
If no such designation is in effect on a Participant's death,
or if no designated beneficiary survives the Participant, his
beneficiary shall be his estate. If no executor or
administrator is appointed within six (6) months after the
Participant's death, the Employer shall direct said benefits
to be paid to the beneficiary or beneficiaries designated in
his last will, or if no will, then to the heirs at law of the
Participant.
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10.5 Plan -to -Plan Transfers:
(a) A Participant who is no longer an Employee and
who subsequently becomes a participant in
another plan qualified under Section 457 of the
Internal Revenue Code which is maintained by
an employer located in California may elect, if
the Participant is employed in California, to
have the amount credited to his deferred
compensation book account transferred to his
account in the plan of his new employer,
provided that the plan of the new employer
provides for the receipt of such transferred
amounts. if a Participant's deferred
compensation book account has been transferred
to such plan, the Participant shall not be entitled
to receive any benefit under this Plan, anything
in Section 7 to the contrary notwithstanding.
(b) If prior to becoming an Employee an Employee
participated in a plan qualified under Section
457 of the Internal Revenue Code which was
maintained by an employer located in California
and who employed such Employee in California,
such Employee may elect to have any amount
credited to his deferred compensation account
under such predecessor plan transferred to the
Employer, in which case the Employer shall
establish for the Employee a deferred
compensation book account under the Plan to
which an amount shall be credited equal to the
amount so transferred. In all respects such
amount shall be treated as an amount deferred
under and subject to the terms of the Plan,
except that the limitation set forth in Section
4.2 shall not apply.
Section 11. Amendment and Termination:
11.1 The Employer may at any time and from time to time by
action of its appropriate body as evidenced by an
instrument in writing duly executed by the Employer
modify, amend, suspend, or terminate the Plan in whole or
in part (including retroactive amendments) or cease
deferring Compensation pursuant to the Plan, by delivering
to each Participant a written copy of such modification,
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amendment, or termination or of a notice that it ceases
deferring Compensation, provided, however, the Employer
shall not have the right to reduce or affect the value of any
Participant's book account or any rights accrued under the
Plan prior to such modification, amendment, termination
or cessation.
11.2 In the event of the complete termination of the Plan by the
Employer Section 11.1, the value of all Participant's book
accounts shall be distributed to the Participant or their
beneficiaries in lump sum by the ninetieth (90th) day after
termination of the Plan.
Section 12. Employer Not Responsible: The Employer may, but is not required to,
invest amounts equal to the deferred compensation credited to a Participant's book account
pursuant to the Plan in accordance with the requests made by each Participant at the time
of enrollment or change in enrollment. The Employer shall retain the right to approve,
disapprove, amend or revise such investment requests. Any action by the Employer in
investing funds, or approving of any such investment of funds, shall not be considered to be
either an endorsement of guarantee of any investment, nor shall it be considered to attest
to the financial soundness or the suitability of any investment for the purpose of meeting
future obligations as provided in Section 7 of this Plan.
Section 13. Deferred Compensation Plan Committee:
13.1 The Deferred Compensation Plan Committee, hereinafter
referred to as the "Committee ", shall consist of individuals
who are designated by the Employer.
The Committee Chairman shall certify to the Administrator
the names and specimen signatures of the members of the
Committee. As members are replaced and appointed, such
changes shall be certified to the Administrator in the same
manner. The Administrator may rely in good faith on any
directions signed by a majority of the members, or any
person(s) designated to represent them.
13.2 The Committee may adopt rules and regulations for the
administration of the Plan consistent with the terms of the
Plan. The Committee may take action at a meeting or by
written resolution. The action of the Committee shall be
final and conclusive regarding the exercise of its authority
under the terms of the Plan.
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13.3 The Committee shall have all powers to perform all duties
necessary to exercise its functions including, but not limited
to, the:
(a) Determination of Employees' eligibility,
participation and benefits under the Plan;
(b) Establishment and maintenance of written
records showing at any time the interest of a
Participant in his deferred compensation book
account;
(c) Interpretation and construction of the provisions
of the Plan;
(d) Direction of the Employer (or the Custodian on
behalf of the Employer) to make disbursement
of benefits under the Plan;
(e) Selection and review of any investment currently
offered or under consideration to be offered as
an investment objective under the Plan;
(f) Appointment of such agents, advisors, counsel
and delegates as may be necessary and
appropriate for the administration and operation
of this Plan and the delegation to such agent,
advisors, counsel and delegates of any of its
discretionary and ministerial powers and duties
in accordance with this Section; and
(g) Composition of and provision to Participants of
all forms as described in this Plan.
Section 14. Gender and Plurals: The masculine gender shall include the feminine and
neuter gender, the masculine pronoun shall include feminine and neuter the singular
number the plural, and conversely, whenever appropriate.
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INVESTMENT ALTERNATIVES OFFERED BY GREAT WESTERN BANK
A. Great Western Bank
'Great Western Bank Certificate of Deposil
'Great Western Bank Index Account
° GW Global Income Money Market Fund
° GW Growth and Income Fund
° GW US Government Money Market Fund
° GW US Government Security Fund
° GW Strategic International Fund
B. 20th Century Investors
Balanced Investors
° Growth Investors
° Select Investors
'Ultra Investors
C. Fidelity Investments
° Fidelity Equity Income
'Fidelity Retirement Growth
° Fidelity Puritan
'Fidelity Magellan
'Fidelity Overseas
TO: THE MAYOR AND TOWN COUNCIL
FROM: THE DEFERRED COMPENSATION COMMITTEE
MARK LINDER, CHAIR
TIM BOYER
DUINO GIORDANO
DONALD ROSS
ELIZABETH ROSS
VIRGINIA SCHWANER
CARLA TURNER
DOLORES WEINS
SUBJECT: PROPOSED DEFERRED COMPENSATION ACTION
DATE: October 15, 1992
The Employee Deferred Compensation Committee has reviewed the recommended staff
actions relating to the Town's 457 Deferred Compensation Plan. These proposed actions
are on the October 19 Town Council agenda. The Committee is very appreciative of the
staff recommendation and asks the Council to adopt it.
The Committee understands that the proposed action is to reimburse employees for their
out -of- pocket investment only, and not for lost interest or earnings. If Council approves
the staff recommendation, the Committee feels the action will enhance protection of
employee funds and clearly demonstrate the Council's continued support for employee
welfare.
The Committee also strongly supports the recommendation to limit the investment
options available in the Town's deferred compensation plan. By removing trust deeds as
an option and offering only those more conservative alternatives offered by the Town's
current administrator, Great Western Bank, the Committee believes that the interest of
all concerned will be better served.
In summary, the Committee supports the proposed action on the Town's deferred
compensation plan and urges Council approval.
1i611Q 1 LL111M1
ML:pm
MGRO50 A: \MEMOS \COUNCIL
L V1V1l.J ♦�1.111J
ATTACHMENT 3
RESOLUTION 1992 -195
RESOLUTION OF THE TOWN OF LOS GATOS
AMENDING DEFERRED COMPENSATION ADMINISTRATION PLAN
TO LIMIT INVESTMENT ALTERNATIVES
WHEREAS, Great Western Bank is the Town's Deferred Compensation Plan
administrator; and
WHEREAS, the Town wishes to redefine investment alternatives for Plan
assets; and
NOW, THEREFORE, BE IT RESOLVED that the Deferred Compensation Plan of
the Town of Los Gatos is hereby amended as set forth in the attachment so
hereafter all Plan assets will be invested only in the alternatives described.
PASSED AND ADOPTED at a regular meeting of the Town Council of the
Town of Los Gatos, California, held on the 19th day of October, 1992 by the
following vote:
COUNCIL MEMBERS:
AYES: Randy Attaway, Joanne Benjamin, Steven Glanton, Brent N. Ventura
Mayor Eric D. Carlson
NAYES: None
ABSENT: None
ABSTAIN: None
SIGNED: /s/ Eric D. Carlson
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
/s/ Marian V. Cosgrove
CLERK OF THE TOWN OF LOS GATOS
LOS GATOS. CALIFORNIA
October 19, 1992
Los Gatos, California
BID CONTINUED
Motion by Mr. Attaway, seconded by Mr. Blanton, that Council set a public hearing on
November 16, 1992 for renewal of the BID. Carried by a vote of 4 ayes. Mr. Ventura abstained.
WEDGEWOOD AVE /ABANDONMENT /COURTSTYLE ACCESS (30.09)
Council accepted report to continue this item to November 2, 1992 at the request of the
Courtstyle Home Owners Association.
REFORESTATION PROGRAM /CENTRAL BUSINESS DISTRICT (31.28)
Motion by Mr. Ventura, seconded by Mrs. Benjamin, that Council direct staff to return with
specification allocating available funds for this fiscal year for the Central Business District
Reforestation Program. Carried unanimously.
Mrs. Benjamin suggested that Mr. Blanton take a request to the Rotary Club and ask if they
would consider reforestation of the downtown as a fundraising priority of '"The Great Race" as
they have done in the past. Mr. La Rocca, Director of Parks, Forestry and Maintenance,
explained that the Rotary Club had already allocated $1,000 of 'The Great Race" fund raiser to
this program.
BACHMAN PARK /PLAYGROUND EQUIPMENT (32.25)
Council accepted report regarding installation of playground equipment at Bachman Park.
TRAFFIC IMPACT FEE /STUDY SESSION /RESCHEDULING (33.10)
Council reaffirmed Community Services Commission Study Session for October 26, 1992 at 7:30
p.m. The Traffic Impact Fee Study Session will be rescheduled from November 2, 1992 to
sometime in the new year.
DEFERRED COMP /INVESTMENT ALTERNATIVES /RESOLUTION 1992 -195 (13.10)
Motion by Mr. Attaway, seconded by Mrs. Benjamin, that Council adopt Resolution 1992 -195
entitled, RESOLUTION OF THE TOWN OF LOS GATOS AMENDING nEwv.RRFn
which will include an annual audit of the fund; a report included in the Town Budget; and a
semi - annual report to Council on the status of the investment fund from the Deferred
Compensation Committee. Carried unanimously.
DEVELOPMENT STANDARDS /FAIRVIEW
ORDINANCE 1918 (16.15)
Motion by Mr. Ventura, seconded by Mr.
PLAZA /HISTORIC DISTRICT
that Council adopt Ordinance 1918 entitled,
THE DISTRICT BOUNDARIES AND MODIFYING THE DEVELOPMENT STANDARDS
EFFECTING ZONE CHANGE 89 (FAIRVIEW PLAZA HISTORIC DISTRICTI, which includes
the following amendment, "Upon a demonstration of hardship by the applicant, the decision
making body may approve an acceptable alternative to the original building material, if use of
the original material is unfeasible due to unreasonable cost and commercial availability, or health
and safety considerations:' Carried unanimously.
TC:D4:MM101992 10