HomeMy Public PortalAboutRES 97/02RESOLUTION NO. 97 -2
A RESOLUTION OF THE TOWN COMMISSION OF THE
TOWN OF GULF STREAM, PALM BEACH COUNTY,
FLORIDA, ESTABLISHING A CUSTODIAL ACCOUNT AND
LIFE INSURANCE TRANSFER AUTHORIZATION;
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town of Gulf Stream is the owner of one or more
life insurance policies issued to it by Commonwealth Life Insurance
Company, Kentucky Commonwealth Life Insurance Company, Peoples
Security Life Insurance Company, or Providian Life and Health
Insurance Company (the "Policies ") in connection with the deferred
compensation plan it maintains for its employees (the "Plan ")
pursuant to Section 457 of the Internal Revenue Code of 1986, as
amended (the "Code "); and
WHEREAS, as a result of an amendment to the Code, all assets
and income of the Plan must be held in a trust, custodial account
or annuity contract; and
WHEREAS, the Plan has been amended to reflect the changes
required by the amendment to the Code; and
WHEREAS, the Town of Gulf Stream desires to adopt the Code
Custodial Account (the "Custodial Account ") to hold assets, other
than annuity contracts, which will provide benefits for the
participants and beneficiaries; and
WHEREAS, as a result of the amendment to the Code the Town of
Gulf Stream desires to transfer ownership of the Polices to Bank
One Trust Company, N.A. (the "Custodian ") for the exclusive benefit
of the Plans participants and beneficiaries.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COMMISSION OF THE
TOWN OF GULF STREAM, PALM BEACH COUNTY, FLORIDA, as follows:
Section 1. The Town of Gulf Steam hereby accepts the Code
Custodial Account Agreement, adopts the Custodial Account,
authorizes transfer of ownership to the Policies to the Custodian
and designates the Custodian as the beneficiary to the Policies,
provided that acceptance of the Code Custodial Account Agreement,
adoption of the Custodial Account, and transfer of ownership to the
Polices as described herein shall be effective upon the effective
date of the revision to Florida Statute Section 112.215(10)(b)
which revision shall not prevent the transfer described herein.
Section 2. This Resolution shall become effective
immediately upon passage.
PASSED AND ADOPTED in regular session assembled this 17th day
of January , 1997.
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ATTEST:
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TOWN CLERK
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TOWN OF, L STREAM, FLORIDA
VICE MAYOR
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COMMISSIONER