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HomeMy Public PortalAbout09438 O R D I N A N C E NO. 9438 REPEALED BY ORD NO. 9630 - 7/13/95 AN ORDINANCE repealing Ordinance No. 8857 adopted January 19, 1993 and enacting a new Ordinance in lieu thereof on the same subject, establishing an amended and restated Deferred Compensation Plan for employees of the Metropolitan St. Louis Sewer District. BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT: Section One: Ordinance No. 8557 adopted January 19, 1993, is hereby repealed, without, however, altering or extinguishing the legal rights and obligations established by such Ordinance. Section Two: There is hereby established a restated and amended Deferred Compensation Plan to comply with amendments to Section 457 of the Internal Revenue Code of 1986, as amended. METROPOLITAN ST. LOUIS SEWER DISTRICT DEFERRED COMPENSATION PLAN Section 1: Purpose. The primary purpose of this restated Metropolitan St. Louis Sewer District Deferred Compensation Plan ("Plan") is to benefit those employees of the Metropolitan St. Louis Sewer District who elect to participate by permitting them to defer a portion of their compensation in order to provide for retirement benefits and certain other contingencies such as death, disability and unforeseeable emergencies. Section 2. Definitions. For purposes of this Plan, certain terms shall have the following meanings: 2.1 "Administrator" shall mean the committee appointed by the Employer pursuant to Section 10. 2.2 "Beneficiary" means the person or legal entity named by a Participant, in accordance with procedures established by the Administrator, to receive any payments payable under the Plan in the event of the death of the Participant. In the manner and within the limits prescribed by the Administrator, a Participant may designate more than one Beneficiary to share a benefit or to receive a benefit if one or more other Beneficiaries should die before such benefit becomes payable. Except as otherwise provided herein, if no Beneficiary is named, or if no named Beneficiary is living or in existence at the time a benefit is payable, the estate of the deceased Participant -2- 34845.04 9-94 shall be the Beneficiary. A Participant may change or revoke a Beneficiary designation at any time without the consent of the Beneficiary, by filing with the administrator a new Beneficiary designation. Any change of Beneficiary designation shall revoke all prior Beneficiary designations made by that Participant. 2.3 "Benefit Settlement Election Form" shall mean the form on which a Participant or his Beneficiary selects the form in which his Book Account shall be paid and when payment shall commence if the automatic provisions of Section 6.2 of the Plan do not apply. 2.4 "Book Account" shall mean the separate bookkeeping account established for each Participant and shall be composed of all Sub-Book Accounts held for a Participant. 2.5 "Code" shall mean the Internal Revenue Code of 1986, as amended. 2.6 "Compensation" shall mean only base compensation paid to the Participant by the Employer and which is attributable to services performed for the Employer. Base compensation shall not include commissions, overtime, or bonuses and shall be equal to a Participant's biweekly salary as of January 1st of each year, multiplied by twenty-six (26). 2.7 "Disability" shall mean a physical or mental condition which renders the Participant incapable of continuing in the employment of the Employer. An Employee shall be deemed to be disabled when certified by a physician licensed by the state of Missouri who is acceptable to the Employer. 2.8 "Effective Date of this Plan" shall mean the date of the adopting ordinance. 2.9 "Eligible Plan" shall mean a plan which satisfies the provisions of Code Section 457. 2.10 "Employee" shall mean any individual performing services for the Employer as an Employee. 2.11 "Employer" shall mean the Metropolitan St. Louis Sewer District. 2.12 "Entry Date" shall mean January 1st and July 1st of each year. -3- 34845.04 9-94 2.13 "Fund" shall mean the aggregate amounts of Compensation deferred by Participants, including the income, gains, and losses both realized or unrealized which accrue thereon and any property in which such deferred Compensation is invested. 2.14 "Includable Compensation" shall mean Compensation for services performed for the Employer which is currently includable in gross income, taking into account the provisions of Code Section 457 and Chapter 1, Subtitle A of the Internal Revenue Code of 1986, as amended. 2.15 "Investment" shall mean each of the properties in which a Participant's deferred Compensation may be invested as indicated by the Participant on the Participation Agreement executed by him. 2.16 "Normal Retirement Age" shall mean any birthday designated by a Participant provided (i) such birthday is between his fifty-fifth and sixty-fifth birthday and (ii) the Participant notifies the Assistant Administrator in writing at least three (3) calendar years before the year in which such birthday will occur that for purposes of this Plan such birthday shall be deemed his Normal Retirement Age. If a Participant fails to make such a designation, his Normal Retirement Age shall mean his sixty-fifth (65th) birthday. 2.17 "Participant" shall mean any Employee who becomes covered under this Plan in accordance with the terms of Section 3. "Former Participant" shall mean a Participant who has separated from service with the employer but who has a balance remaining in his Book Account. 2.18 "Participation Agreement" shall mean the election form on which an Employee agrees to defer his Compensation or to indicate a change in investment instruction. The Participation Agreement may also be referred to as the "Enrollment/Change Form." 2.19 "Plan Ceiling Amount" shall mean the lesser of; a. $7,500, or b. 33-1/3% of the Participant's Includable Compensation (which is generally equal to 25% of the Participant's Compensation) for the taxable year, -4- 34845.04 9-94 reduced by the amount, if any, which is excludable from the Participant's Federal gross income for that taxable year because of a contribution made to (i) an annuity arrangement described in Code Section 403(b), (ii) a qualified cash or deferred arrangement described in Code Section 401(k)(2), (iii) a simplified employee pension plan described in Code Section 408(k), or (iv) an employee-funded pension plan described in Code Section 501(c)(18). 2.20 "Plan Year" shall mean the calendar year. 2.21 "Required Beginning Date" means the later of (i) April 1 of the calendar year immediately following the calendar year in which the Participant attains age 70-1/2 or (ii) April 1 of the calendar year following the calendar year in which the Employee separates from service after attaining Normal Retirement Age. 2.22 "Retirement" shall mean a severance of the Employer-Employee relationship with the Employer on or after attaining Normal Retirement Age. 2.23 "Separation From Service" shall mean a severance of the Employer-Employee relationship with the Employer because of death, Disability, Retirement, resignation or discharge within the meaning of Code Section 402(e)(4)(A)(iii). 2.24 "Settlement Date" shall mean the Valuation Date coinciding with or next preceding the date on which a distribution is made to a Participant or his Beneficiary from the Participant's Book Account. 2.25 "Sub-Book Account" shall mean the interest of a Participant in an Investment of the Fund. Compensation deferred under the Plan may be further segregated into contributions made before January 1, 1990, and contributions made after that date if the Administration so elects. 2.26 "Transferee Eligible Plan" shall mean an Eligible Plan to which amounts deferred under this Plan are transferred. 2.27 "Valuation Date" shall mean December 31 of each calendar year and any other date or dates as may be specified by the Administrator. Section 3. Eligibility. -5- 34845.04 9-94 3.1 Any Employee is eligible to become a Participant in the Plan provided he irrevocably elects to reduce and defer his Compensation by signing a Participation Agreement. 3.2 Any eligible Employee may semi-annually elect to reduce his Compensation provided such election is irrevocably made on the Participation Agreement designated by the Employer and delivered to the Administrator at least thirty (30) days prior to the next following Entry Date to which the deferral election applies. In the case of an individual who is employed after the Effective Date of this Plan, however, such Employee shall have an option to elect to defer some portion of his Compensation provided such election is irrevocably made on or before the first day the Employee begins to perform services for the Employer. An Employee's election to defer Compensation shall apply only to Compensation which is earned and which becomes payable after the Employee has effectively executed a Participation Agreement. 3.3 A Participant may revoke his election to participate in the Plan and to discontinue deferral of his Compensation by delivering to the Administrator written notice thirty (30) days prior to the pay period to which the revocation shall be effective; provided, however, once a Participant has revoked his election to participate, he may not reinstate his election until the next Entry Date and then only if an effective Participation Agreement is delivered to the Administrator at least thirty (30) days prior to the Entry Date to which the reinstated election applies. 3.4 A Participant's failure to execute a new Participation Agreement on or before June 1 and December 1 shall constitute an affirmative ratification of the then effective Participation Agreement. Section 4. Maximum Deferral Amount. 4.1 Except as provided in Section 4.2, the maximum amount of Compensation that a Participant may defer during the Participant's taxable year shall not exceed the Plan Ceiling Amount. 4.2 A Participant may make a one-time election to defer in one (1) or more of each of the last three (3) taxable years of the Participant ending before the Participant attains Normal Retirement Age, the lesser of; -6- 34845.04 9-94 a. $15,000, reduced by the amount, if any, which is excludable from the Participant's Federal gross income for that taxable year because of a contribution made to (i) an annuity arrangement described in Code Section 403(b), (ii) a qualified cash or deferred arrangement described in Code Section 401(k)(2), (iii) a simplified employee pension plan described in Code Section 408(k), or (iv) an employee-funded pension plan described in Code Section 501(c)(18). b. The underutilized limitation. For purposes of this section the "underutilized limitation" shall mean the sum of; (i) The Plan Ceiling Amount for the taxable year of the Participant, plus (ii) The Plan Ceiling Amount for any prior taxable year or years less the amount of Compensation deferred under the Plan for such prior taxable year or years. A prior taxable year shall be taken into account under subsection 4.2(b)(ii) only if; (A) It began after December 31, 1978. (B) The Participant was eligible during all or any portion of the taxable year to participate in this Plan, and (C) The Compensation deferred (if any) under the Plan during the taxable year was subject to the Plan Ceiling Amount. If during the three (3) taxable years of the Participant prior to attaining Normal Retirement Age, a Participant increases his deferral as provided herein and does not have a Separation From Service on his Normal Retirement Age, in taxable years subsequent to attaining Normal Retirement Age, the Participant may continue to defer Compensation in an amount which does not exceed the Plan Ceiling Amount. Section 5. Book Accounts. -7- 34845.04 9-94 5.1 The Administrator shall open and maintain a separate bookkeeping account in the name of each Participant and shall credit to such Book Account that amount of Compensation which the Participant elects to defer. 5.2 As of the close of business on the Valuation Date, the Administrator shall determine the fair market value of each Investment of the Fund which shall reflect all additions to, income earned or loss realized or unrealized by each Investment since the last Valuation Date. The income, gains or losses reflected in such valuation shall be allocated among the Participants' Sub-Book Account in each Investment in the proportion which the value of each Participant's Sub-Book Account in the respective Investment at the end of the preceding Valuation Date (increased by additional amounts of deferred Compensation and decreased by any distributions) bears to the aggregate value of all interest in such Investment as of the end of the preceding Valuation Date. A Participant's Book Account shall consist of the sum of all Sub-Book Accounts maintained for the Participant. 5.3 Subject to the provisions of Section 13.1, a Participant's interest in his Book Account shall be 100% vested. Section 6. Benefits. 6.1 Except as provided in Section 7, benefits under this Plan shall be payable only in the event of Separation from Service. The benefit payable under the Plan shall be the Participant's Book Account determined as of the Settlement Date. 6.2 Subject to the provisions of Section 6.7 and in compliance with the provisions of Section 6.4 of this Plan, a Participant's Book Account shall be paid either in the form of (i) an annuity; (ii) in equal annual installments (not to exceed fifteen); (iii) in a single lump sum, or (iv) in such other form of distribution mutually agreed to by the distributee and the Plan Administrator. The Participant may express a preference for a form of distribution but the actual form of distribution shall be subject to the approval of the Administrator. Distribution of a Participant's Book Account shall commence sixty (60) days after a Participant has a Separation from Service for any reason. Subject to the provisions of Sections 6.5 and 6.6, a Participant or his Beneficiary, as the case may be, may request a benefit commencement date later than sixty (60) days after a Separation from Service but the actual benefit commencement date shall be subject to the approval of the Administrator. Such requests -8- 34845.04 9-94 regarding form of payment and the benefit commencement date shall be made on a Benefit Settlement Request Form delivered to the Administrator not later than thirty (30) days after the Participant has a Separation from Service for any reason and before payment commences. If no request form is filed within such thirty (30) day period, the Participant's Book Account shall be distributed sixty (60) days after the Participant has a Separation from Service in a single sum. 6.3 A Benefit Settlement Request Form which requests a postponed benefit commencement date as provided in Section 6.2 shall be irrevocable upon delivery to the Administrator. If a postponed benefit commencement date is requested, the Participant, or Former Participant, need not select the method of payment or if one is requested may change the method requested until the date thirty (30) days preceding the date upon which payments are to commence. Any form of benefit distribution requested by the Participant, or Former Participant under this Section 6.3 shall be indicated on a Benefit Settlement Request Form submitted to the Administrator and shall be subject to approval or disapproval of the Administrator. 6.4 Without regard to any other provision of this Plan, no Participant's request to receive benefits hereunder shall be effective unless pursuant to such request, benefits will commence no later than the Required Beginning Date. Further, all distributions under this Plan shall be made in accordance with Code Section 401(a)(9) and the Income Tax Regulations promulgated thereunder and the provisions of Code Section 401(a)(9) shall be deemed to override any distribution option in this Plan which is inconsistent therewith. 6.5 Subject to the provisions of Section 6.2, the Benefit Settlement Request Form shall permit a Participant or Former Participant (not a Beneficiary) to elect any one of the following optional forms of settlement in lieu of a single sum payment; a. Straight Life Annuity - a monthly annuity payable for as long as the recipient lives. b. Period Certain and Life Annuity - a monthly annuity payable for as long as the recipient lives. If the recipient dies before receiving payments for the certain period (60, 120, 180 months as selected by the recipient in the Benefit Settlement Request Form) any remaining payments -9- 34845.04 9-94 for the balance of the period certain shall be paid to the recipient's beneficiary in a lump sum. c. Installments - substantially equal annual installments (not to exceed fifteen), the first of which is payable on the benefit commencement date selected by the Participant and subsequent payments of which shall be made on each anniversary of such benefit commencement date until the full amount is distributed. Interest on any deferred payments shall be paid at an average rate equal to the ninety (90) day U.S. Treasury Bill rate determined on a daily weighted average basis during the period between installment payments. d. Such other form of distribution mutually agreed to by the Participant or Former Participant and the Plan Administrator. Any form of settlement requested and approved hereunder must be one that insures that as of the date on which distribution commences, (a) the projected amount payable to a Participant or Former Participant during his life expectancy exceeds two-thirds (2/3) of the maximum amount that would have been payable to the Participant or Former Participant if no provision were made for payment to a Beneficiary; and (b) any amount not distributed to the Participant during his life shall be distributed after the Participant's death in a form at least as rapidly as the payment method applicable during the life of the Participant. If a Participant or Former Participant dies before benefits have commenced, his Book Account shall either (i) be paid to his Beneficiary in a single sum on a postponed payment date selected by the Beneficiary or (ii) in three (3) annual installments commencing on a date sixty (60) days after the Participant's death. 6.6 If a Participant or Former Participant dies after benefits commence and before the entire deferred amount is paid to the Participant, the entire amount deferred must be paid to the Beneficiary over; a. The life of the Beneficiary (or any shorter period) if the Beneficiary is the Participant's surviving spouse, or -10- 34845.04 9-94 b. In a single sum if the Beneficiary is not the Participant's surviving spouse. In all events, the benefit payable to a spousal beneficiary shall commence on or before the later of (i) December 31 of the calendar year immediately following the calendar year in which the Participant died and (ii) December 31 of the calendar year in which the Participant would have attained age 70-1/2. The benefit payable to a nonspousal beneficiary shall commence no later than December 31 of the calendar year immediately following the calendar year which contains the Participant's date of death. 6.7 If the value of a Participant's Book Account on the Settlement Date is less than twenty-five hundred dollars ($2,500), the full amount shall be paid to the Participant or his Beneficiary in a single lump sum within sixty (60) days after the Participant has a Separation from Service. Section 7. Hardship. In the event a Participant incurs an unforeseeable emergency, the Participant may apply to the Assistant Administrator for a lump sum distribution of part or all of his Book Account as of the last Settlement Date. For purposes of this emergency withdrawal option, an unforeseeable emergency shall mean severe 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 Code) of the Participant, 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. The circumstances that will constitute an unforeseeable emergency will depend upon the facts and circumstances, but an unforeseeable emergency shall not include the need to send a Participant's child to college or the desire to purchase a residence. A distribution of a Participant's Book Account shall not be permitted to the extent that such unforeseeable emergency may be relieved; (i) through reimbursement or compensation by insurance or otherwise; (ii) by liquidation of the Participant's assets, to the extent the liquidation of such assets would not itself cause severe financial hardship, or -11- 34845.04 9-94 (iii) by cessation of deferrals under the Plan. The final determination of whether a Participant has an unforeseeable emergency, for which a distribution is permitted under this Plan, shall be made by the Administrator. Section 8. Plan to Plan Transfers a. In the event a Participant has a Separation from Service and commences employment with another entity which maintains an Eligible Plan, Section 6 of this Plan shall not apply and amount deferred by the Participant under this Plan shall automatically be transferred to the Transferee Eligible plan if; (i) the Participant has a Separation from Service with the Employer in order to accept employment with the entity described hereinabove; and (ii) the Participant (or Former Participant as the case may be) elects to participate in the Transferee Eligible Plan not later than thirty (30) days after the date on which he has a Separation from Service with the Employer. b. If a Participant elects to transfer his Book Account, or any portion thereof, to a Transferee Eligible Plan, he shall notify the Administrator in writing no later than the date on which he has a Separation of Service. Within thirty (30) days of the aforementioned date, the Participant (or Former Participant as the case may be) shall provide evidence of his participation in the Transferee Eligible Plan. If such evidence is satisfactory to the Administrator of this Plan, the Administrator shall transfer his Book Account (or any portion thereof as directed by the Participant) to the administrator of the Transferee Eligible Plan. c. This Plan shall accept transfers of amounts deferred by an Employee under another Eligible Plan, provided such amounts are received directly from the administrator of the other Eligible Plan and the deferred amount is transferred in cash or cash equivalents. -12- 34845.04 9-94 Section 9. Nonassignability The interest of any person in this Plan or in any distribution to be made under the Plan shall not be assignable either by voluntary or involuntary assignment or by operation of law, including, but not by way of limitation, execution, levy, garnishment, attachment, pledge, or in any other manner, but excluding devolution by death or transfer due to mental incompetency, and no right or interest of any person in the Plan or in a Book Account shall be liable for, or subject to, any obligation or liability of such person. Section 10. Plan Administration 10.1 The Plan shall be administered by a committee of four persons; The General Counsel, Secretary-Treasurer, the Director of Personnel and the Director of Administration of the Employer. The committee of four shall be referred to as the Administrator; a subcommittee consisting of the Director of Personnel and the Director of Administration shall be referred to as the Assistant Administrator. The Administrator shall act as the agent of the Employer in administering the Plan and shall be solely responsible for its operation and enforcement. All decisions of the Administrator shall be conclusive and binding on all persons. 10.2 The Administrator shall have such duties and powers as may be necessary to discharge its duties hereunder, including, by way of example but not by way of limitation, the following; (a) To construe and interpret the provisions of the Plan; (b) To decide all questions of eligibility and participation hereunder; (c) To prescribe such rules and procedures as are consistent with the provisions of the Plan and as are deemed necessary and proper by the Administrator; (d) To prepare and distribute, in such manner as the Administrator determines to be appropriate, information explaining the Plan; -13- 34845.04 9-94 (e) To receive from the Employer and from Participants such information as shall be necessary for the proper administration of the Plan; (f) To maintain and furnish to the Employer, upon request, such reports with respect to the Administration of the Plan as are reasonable and appropriate; (g) To file with any state or federal authorities or agencies such records and reports as may be required by law regarding the Plan; (h) To make recommendations to the Employer regarding the employment of agents, attorneys, accountants, consultants or other persons for such purposes as the Administrator considers necessary or desirable; (i) To review on an annual or periodic basis the performance of investment alternatives offered under the Plan; (j) To add or delete investment alternatives offered under the Plan; (k) Make recommendations to the Employer regarding institution of legal action regarding matters pertaining to the Plan; (l) Maintain and be custodian of all records, including financial records, relating to the Plan or to the Plan Participants; and (m) To do all such acts, take all such action and exercise all such rights, although not specifically mentioned herein, as the Administrator may deem necessary or convenient to administer this Plan and to carry out the purposes of this Plan. 10.3 Any Employee who is a member of the administrative committee may participate in the Plan but may not participate in any discretionary action taken in connection with his participation. 10.4 The Administrator may contract with an agent or agents to implement the Plan and to perform some or all administrative services in connection therewith. All contracts for service shall be executed in the same manner as other contracts between the District and third parties. -14- 34845.04 9-94 10.5 The general administrative expenses shall be paid by the Employer. Any expenses incurred in connection with the selection of an Investment or an optional form of settlement under Section 6.5, however, shall be borne by the Participant or his Beneficiary, as the case may be. For purposes of this Section, general administrative expenses shall include by way of example but not by way of limitation, legal and accounting expenses. Section 11. Claims Procedures a. If a Participant or his Beneficiary believes that he is entitled to a benefit under this Plan such Participant or Beneficiary shall file with the Assistant Administrator a written claim for benefit on such forms and with such documentation as the Assistant Administrator shall prescribe. b. The Assistant Administrator shall consider and decide any claim filed pursuant to (a), above, promptly upon receipt. A claim shall be allowed only to the extent determined by the Assistant Administrator. If such claim is denied, in part or in full, the Assistant Administrator shall notify the claimant in writing of such decision within 60 days after the receipt of the claim. Such notice shall advise the claimant, in language calculated to be understood by him, of the following; (i) the specific reason or reasons for the denial of the claim; (ii) the pertinent Plan provision or provisions on which the denial is based; (iii) a description of any additional material or information which will permit the claimant to perfect the claim, together with an explanation of why such material or information is necessary; and (iv) an explanation of the claim review procedure provided by (c), below. c. If a claimant receives notice that his claim for benefits has been denied in whole or in part, he or his duly authorized representative may, within 60 days after receipt of notice of such denial; -15- 34845.04 9-94 (i) Make written application for a review of the decision. Such application shall be made on a form specified by the Assistant Administrator and shall be delivered to the Assistant Administrator. (ii) Review documents in the possession of the Assistant Administrator which are pertinent to the decision under review. (iii) Submit, in writing, issues and comments on the decision under review. d. If review of a decision is requested pursuant to (c)(1), above, such review shall be made by the Administrator who shall review all relevant documents and other matters, including matters submitted by the claimant. The decision on review shall be made within 60 days after the receipt by the Assistant Administrator of the request for review, or within 60 days after the date on which the claimant submits written issues and comments pursuant to (c)(iii) above, whichever is later. The decision on review shall be in writing, shall include the specific reasons for the decision, including references to pertinent Plan provisions on which the decision is based, shall be written in a manner calculated to be understood by the claimant, and shall be final. Section 12. Plan Amendment & Termination 12.1 The Employer reserves the right to amend the Plan in whole or in part from time to time, by the enactment of an ordinance by its Board of Trustees and the execution of a formal amendment to the Plan, provided that any such amendment shall not cause the Plan to become disqualified under Section 457 of the Code or any other Section thereof. No amendment shall have the effect of reducing or affecting the value of any Participant's Book Account or any Participant's rights which have accrued under the Plan prior to the amendment or termination of the Plan. The Employer intends to continue the Plan indefinitely but reserves the right to terminate it at any time. The Plan may be terminated by the enactment of an ordinance by the Employer's Board of Trustees and the execution of a formal amendment to the Plan. Section 13. General Provisions -16- 34845.04 9-94 13.1 The Fund shall at all times remain the sole assets of the Employer and subject to the claims of its general creditors. 13.2 Neither this Plan, any Participation Agreement Benefit Settlement Election Form or any Book Account shall be deemed to create a trust or custodial account on behalf of or for the benefit of any Participant or his Beneficiaries. A Participant or his Beneficiary shall have no secured or preferred interest in any assets of the Employer by reason of participation in this Plan. 13.3 In construing the text of this Plan, the masculine shall include the feminine, and the singular shall include the plural and the plural the singular wherever the context shall plainly so require. 13.4 This Plan is intended to meet the requirements for qualification under Section 457 of the Code. Any modification or amendment to the Plan may be made by the Employer, retroactively if necessary, to establish and maintain such qualification. 13.5 Any reference herein to any section of the Code or to any other statute or law shall be deemed to include any successor statute or law of similar import. 13.6 This Plan shall be governed and construed in accordance with the Code and, to the extent they are not inconsistent therewith, the laws of the State of Missouri. Section Three: The amendments set out in this ordinance shall be effective on January 1, 1991. -17- 34845.04 9-94 The foregoing Ordinance was adopted January 12, 1995.