1994-135-Authorizing The Execution Of An Agreement With Graham Contractors, Inc.RESOLUTION 1994 - 135
RESOLUTION OF THE TOWN COUNCIL
OF THE TOWN OF LOS GATOS
AUTHORIZING THE EXECUTION OF AN AGREEMENT WITH
GRAHAM CONTRACTORS, INC.
FOR PROJECT 9421 BI- ANNUAL STREET RESURFACING
WHEREAS, bids were sought in conformance with State and Town law, and
Council rejected all bids on August 1, 1994 and;
WHEREAS, the Town Council directed the Town Manager to seek an agreement
more favorable to the Town and;
WHEREAS, Graham Contractors, Inc. is a qualified contractor and;
WHEREAS, the attached agreement is in the best interests of the Town.
BE IT RESOLVED, by the Town Council of the Town of Los Gatos, County of
Santa Clara, State of California, that the Town Manager is authorized to enter into the
agreement with Graham Contractors, Inc. attached as Exhibit A for the construction of
Project 9421- Bi- Annual Street Resurfacing.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town
of Los Gatos, California, held on the 22nd day of August, 1994, by the following vote.
COUNCIL MEMBERS:
AYES: Joanne Benjamin, Steven Blanton, Linda Lubeck
Mayor Randy Attaway
NAYS: None
ABSENT: Patrick O'Laughlin
ABSTAIN: None
SIGNED:
MAYOR OF TOWN OF OS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
CLERK OF THE TOWN OF ' S GATOS
LOS GATOS, CALIFORNIA
3.6 "Employment Period" means a period from January 1 through
December 31 of the same year, except that the first Employment
Period of an Employee hired on any date other than January 1 shall
be the period beginning with the date of employment and ending on
December 31 of the same year.
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.
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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,
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
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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.
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
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(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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RC Products and Services Meet
Your Special Retirement Needs
The ICMA Retirement Corporation is committed
to offering the best retirement products and services
available. Our unique programs are designed
specifically for the public employee. Some of the
additional advantages of an RC plan are:
• Nationwide network of registered
marketing representatives
• Low fees
• No hidden fees
• Free fund -to -fund transfers among
RC's investment options
• Personalized service, including assistance in
enrollment and retirement planning, through
our toll -free number
• Marketing offices throughout the country
• Quarterly statements of accounts and performance
summaries for all investment funds
• Quarterly newsletters
• An RC Exclusive Edition VISA Card with no
annual fee and a competitive interest rate
• A 24 -hour, toll -free RateLine, with current rate
information on all RC funds
1
Growth Stock Fund
Invests in common stocks of companies with strong
earnings growth potential, diversified among a range
of industries.
• Characteristics:
• Actively managed
• Long -term returns from growth stocks historically
have outperformed the general stock market
• Over any period, returns may vary substantially fro
broad market indices.
• Higher than average portfolio turnover
For investors who seek long -term growth through
companies with above- average potential for growth in
corporate earnings, and who accept the risks associate,
with more volatile common stocks.
The Equity Index Fund (formerly the Index Ft
Invests in common stocks whose combined
performance parallels that of the Standard & Poor's
500 Index (S &P 500). The Fund does not invest in
companies that do business in South Africa.
Characteristics:
• Passively managed
• Seeks to replicate the performance of the
S &P 500 over time
• Over any short -term period, returns may vary from
those of the S &P 500
For investors who seek a long -term investment that
parallels the performance of the S &P 500 and who
accept the risks of an all -stock investment.
ATTACHMENT 4
2
ATTACHMENT A
INVESTMENT ALTERNATIVES OFFERED BY GREAT WESTERN BANK
AND ICMA RETIREMENT CORPORATION
A. Great Western Bank
• Great Western Bank Certificate of Deposit
• 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
D. American Funds
• Investment Company of America
• Growth Fund of America
• Bond Fund of America
• Income Fund of America
E. ICMA Retirement Corporation
• Plus Fund
• Growth Stock Fund
• Equity Index Fund
• Equity Income Fund
• Asset Allocation Fund
• Core Bond Fund
• U.S. Treasury Securities Fund
• Cash Management Fund
4.2 The amount of Compensation which may be deferred by
a Participant is subject to the following limitations:
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 $10.00 biweekly.
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
MGRO50 A: \MISC\DEFCOMP.PLN 9/6/94
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applied.
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 $10.00 biweekly.
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 be 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
MGRO50 A: \MISC\DEFCOMP.PLN 9/6/94
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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.
Section 9. Nonassignability: 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
MGRO50 A: \M1SC\DEFCOMP.PLN 9/6/94
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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.
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.
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RESOLUTION 1994 -133
RESOLUTION OF THE TOWN OF LOS GATOS
TO AUTHORIZE TOWN MANAGER TO ADOPT RESOLUTION TO
EXECUTE AN AGREEMENT WITH SANTA CLARA COUNTY TRAFFIC
AUTHORITY TO ADMINISTER ROUTE 85 LANDSCAPING ON TOWN STREETS
WHEREAS, in 1990 freeway agreements for Highway 85 were approved and
conceptual landscaping for local streets was part of this approval, and
WHEREAS, it would be benefical for the Town to administer this landscaping rather
than have the Traffic Authority execute landscaping on local streets, and
WHEREAS, staff calculated costs for administering landscaping for local streets and
Traffic Authority retained services of a private landscape architect to provide cost estimates,
and
WHEREAS, Staff and Traffic Authority negotiated a figure of $415,200 to complete
landscaping for the areas, and
WHEREAS, Traffic Authority will relinquish $415,200 to the Town to complete
landscaping on local streets.
THEREFORE, BE IT RESOLVED, by the Town Council of the Town of Los Gatos
to authorize Town Manager to Execute an agreement with Santa Clara County Traffic
Authority allowing Town staff to administer Route 85 Landscaping on Town streets.
The Equity Income Fund
Invests in established companies that pay dividends
resulting in higher yields than the market average.
Companies may appear to be undervalued relative to
past or future earnings.
Characteristics:
• Actively managed
• Seeks high level of current income by investment
in common stocks and convertible securities
• Returns may be less volatile than the S &P 500
For investors who seek an actively managed equity
portfolio with a high level of current dividend income.
This Fund has the potential for long -term capital
appreciation and growth through reinvestment of
current income and less volatility than other types of
common stock funds.
Asset Allocation Fund
Invests in a diversified portfolio of U.S. Treasury
bonds, common stocks, and cash equivalents. The
Fund does not invest in the stock of companies doing
business in South Africa.
Characteristics:
• Long -term returns tend to be less volatile than an
all -stock fund, but more volatile than a bond fund
• Actively managed mix of stocks, bonds, and cash
• Passively managed stock and bond portions of
the Fund
• Moderate short -term fluctuations should
be expected
For investors who seek, through diversification, to
maximize total return with less risk than that of a
portfolio consisting entirely of common stocks.
3
Core Bond Fund (fnnnudy the Bond Fund)
Invests in a diversified portfolio of intermediate to
long -term U.S. Government securities, investment
grade corporate, asset-backed and mortgage- backed
bonds, and cash reserves.
P,
Characteristics:
• Actively managed
• Broadly diversified among many high - quality
sectors of the bond market
• Moderate level of total return volatility
For investors who seek growth through a combinatioi
of reinvestment of income and potential capital gains.
U.S. Treasury Securities Fund
Invests in intermediate -term U.S. Treasury
securities. At least 90 percent of the Fund is investe
in U.S. Treasury notes and bonds, with
up to 10 percent invested in non - Treasury cash
equivalents.
Characteristics:
• Actively managed
• Value added by seeking out attractively priced
securities and taking advantage of interest
rate trends
• Moderate level of total return volatility
• No default risk
n
For investors who seek protection against credit
risk, growth of principal predominantly through
reinvestment of current income, and who accept
the total return volatility associated with changes in
interest rates.
4
Cash Management Fund
Invests in short -term, high - quality U.S. Government
and Agency securities, corporate and asset- backed
bonds, and a variety of money market -type
instruments.
Characteristics:
• Actively managed
Long -term returns should exceed money market
fund rates over time
Relatively small short -term fluctuations of returns
should be expected
For investors who seek reasonable safety of principal
and the opportunity to invest in a short -term,
fixed- income portfolio.
The PLUS Fund
Invests in investment contracts issued by insurance
companies, commercial banks and other similar,
high - quality financial institutions. These investment
contracts offer assurances of repayment of principal and
monthly payments of interest from the issuing financial
institutions, not the Federal government.
Characteristics:
• Active portfolio management
• Competitive minimum rate
• Long -term returns will tend to be more stable than
interest rates in general
• Ability to earn more than the minimum rate
For investors who seek a fixed minimum return
investment which offers the opportunity to earn in
excess of the minimum but without the price
fluctuations associated with marketable securities.
Although this investment is without price risk, it does
contain the credit risk associated with the issuing
financial institution.
RC- Managed Funds Meet Your
Retirement Planning Needs
As a participant in an ICNIA Retirement Corporation
plan, you have the opportunity to select and combine
investments to carefully construct the retirement
plan that most effectively protects and builds your
retirement dollars.
This summary of RC- managed investment options
briefly describes each fund. Before choosing your
investment options and for specific fund descriptions
and program details, please read Making Sound
Investment Decisions: A Retirement Investment Guide,
available from your ICNIA -RC Services Representativ
or by calling the Client Services staff at our toll -free
number, I- 800 - 669 -7400.
Please check with your employer for any
investment restrictions specific to your plan.
ICMA -RC Services, Inc. is a wholly -owned subsidiary of the
ICMA Retirement Corporation and is a registered
broker - dealer and a member of the National Association
of Securities Dealers.
6