HomeMy Public PortalAbout2008_05_13_O015 - OPEB
The Town of
Leesburg,
Virginia
PRESENTED Mav 13.2008
ORDINANCE NO. 2008-0-15
ADOPTED May 13. 2008
AN ORDINANCE: AMENDING SECTION 12.1-1 OF THE TOWN CODE AND CHAPTER 7
OF THE PERSONNEL POLICY MANUAL TO ESTABLISH A TRUST
FOR OTHER POST EMPLOYMENT BENEFITS
The Town Council of Lees burg, Virginia, ordains:
SECTION I. That the Town does hereby establish a trust pursuant to Section
15.2-1544 of the Virginia Code for the purpose of accumulating and investing
assets to fund Other Post-Employment Benefits, in the form set forth in the
Virginia Pooled OPEB Trust Fund Agreement (the "Agreement").
SECTION II. That the Town does hereby agree to become a "Participating
Employer" in the "Virginia Pooled OPEB Trust Fund" (hereinafter, the "Trust
Fund"), as further defined in the Agreement.
SECTION III. That the Town does hereby appoint the Mayor, Town Manager, and
Director of Finance to the Local Finance Board which, pursuant to Section 15.2-
1547 of the Virginia Code, will serve as the trustee of the Town with respect to the
Trust Fund.
SECTION IV. That the Town does hereby direct the Local Finance Board to
execute and deliver the Trust Joinder Agreement for Participating Employers
under Virginia Pooled OPEB Trust Fund ("Trust Joinder Agreement").
SECTION V. That the Town does hereby designate health insurance benefits to
individuals who have retired from service to the Town and to the dependents of
such individuals as Other Post-Employment Benefits.
-2-
AN ORDINANCE: AMENDING SECTION 12.1-1 OF THE TOWN CODE AND CHAPTER 7
OF THE PERSONNEL POLICY MANUAL TO ESTABLISH A TRUST
FOR OTHER POST EMPLOYMENT BENEFITS
SECTION VI. That this ordinance shall be in force and effect immediately upon its
adoption.
PASSED this 13th day of May 2008.
~C';~f'
sten C. mstattd, Mayor
Town of Leesburg
ATTEST:
~7i}cfud
erk of Council ~