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Resolution No. 2087N � RESOLUTION NO. 2087 A RESOLUTION OF THE SOUTH TAHOE PUBLIC UTILITY DISTRICT AUTHORIZING EXECUTION OF CUSTODIAL AGREEMENT WITH GREAT WESTERN SAVINGS AND LOAN ASSOCIATION WHEREAS, the Board of Directors of said District approved a Deferred Compensation Plan by adoption of its Resolution No. 2083 on August 25, 1977, WHEREAS, a Custodial Agreement between South Tahoe Public Utility District and Great Western Savings & Loan Association was presented to the Board of Directors of said District at its meeting on September 1, 1977, NOW THEREFORE BE IT ORDERED, 1. That the Custodial Agreement between South Tahoe Public Utility District and Great Western Savings & Loan Association, a copy of which is attached hereto, marked Exhibit " A " and incorporated herein by such reference, is approved. 2. That the Assistant Manager is hereby authorized to execute said Custodial Agreement. PASSED AND ADOPTED by the Board of Directors of the South Tahoe Public Utility District at its duly held regular meeting on the 1st day of September, 1977, by the following vote: AYES, Directors: Hegarty, Fesler, Kashuba, and Cocking NOES, Directors: None ABSENT, Director: Fieldcamp Edward E. Hegart siden of the Board SOUTH TAHOE PUBLIO UTILI7Y DISTRICT ATTEST: David W. Callahan, Clerk and Ex- officio Secretary of the Board SOUTH TAHOE PUBLIC UTILITY DISTRICT * * * * * * * * * * ** I hereby certify that the foregoing is a full, true and correct copy of RESOLUTION NO. 2087, duly and regularly adopted by the Board of Directors of the South Tahoe Public Utility District, E1 Dorado County, California. ` 1 David W. Callahan, Clerk and Ex -of I Secretary of the Board SOUTH TAHOE PUBLIC UTILITY DISTRICT ' 16 DEFERRED COMPENSATION PROGRAM CUSTODIAL AGREEMENT The South Tahoe Public Utility District pursuant to Resolution No '.2- U 8 T of the Governing Body of said DISTRICT has established an Employee's Deferred Compensation Plan ( "PLAN "), a copy of which is attached hereto, marked Exhibit " A " , and incorporated herein by such reference. The PLAN applies to those employees who execute a participation agreement ( "PARTICIPANT ") in accordance with the PLAN and file it with the DISTRICT. Great Western Savings & Loan Association ( "GREAT WESTERN ") is a California corporation operating as a savings and loan association pursuant to Federal and California Law and regulation. This Agreement sets forth the manner by which the DISTRICT will invest PLAN funds with GREAT WESTERN, and GREAT WESTERN, in accordance with the requireents of laws and regulations of the State of California and the United States, will accept such funds for investment and will account for such funds on a regular basis. 1. GREAT WESTERN agrees to accept for investment, funds sent to GREAT WESTERN by the DISTRICT in accordance with the PLAN, and to establish and administer the accounts in accordance with the provisions of this Agreement. All earnings shall be reinvested to the master account(s) in accordance with prevailing practice. 2. The DISTRICT shall have the same rights and obligations in connection with any of such invested funds as any other savings or account holder having the same type of savings account with GREAT WESTERN. 3. On a regular basis, the DISTRICT will prepare one check representing the total amount of deferments for the period applicable for PARTICIPANTS in the PLAN, a list indicating to whom these deferments should be attributed and the amount to be invested in each account. Said items will be sent promptly to GREAT WESTERN, which upon receipt thereof will promptly make the appropriate credits to the applicable accounts. Any earnings on such accounts shall be automatically credited to each of the described accounts in accordance with prevailing practice at GREAT WESTERN. 4. The accounts established under this Agreement shall be titled: The South Tahoe Public Utility District Deferred Compensation Plan. The title and ownership of all such accounts shall be vested in the South Tahoe Public Utility District. The DISTRICT shall have the sole custody of all passbooks or other indices of ownership of said accounts and no additions or withdrawals of funds shall be made in or from such accounts except by the DISTRICT. 1 1 5. GREAT WESTERN agrees to accept the DISTRICT funds on the basis of a 30 -day Certificate of Deposit earning the highest interest permitted by State and Federal regulations and GREAT WESTERN'S Board of Directors on fixed rate, fixed term accounts. This rate is presently 7.75% compounded daily to make an annual yield of 8.06 %. The savings account to be established under this Agreement shall be automatically renewed at the end of each 30 -day period, except as herein provided and except to the extent required to meet the withdrawal provisions of the PLAN. It is understood and agreed that the term, interest rate and other provisions may, from time to time, change by virtue of change in governmental regulations and policies adopted by -GREAT WESTERN'S Board of Directors. 6. Within 10 business days after the end of the calendar quarter, (As desired by the District) GREAT WESTERN will prepare a statement of activity on each account. This statement will recap all activity in each account during said quarter. 7. GREAT WESTERN will disburse funds from the applicable account or accounts solely as directed by the DISTRICT. 8. In the event the DISTRICT shall make any written presentations to its employees describing the PLAN and setting forth the manner of investment or, in the event the DISTRICT shall conduct any educational meetings or programs for the same purpose, GREAT WESTERN agrees to participate to the extent and in a manner prescribed by the DISTRICT. GREAT WESTERN shall have the right to participate in any presentations made to PARTICIPANTS by other financial vehicles. In all cases, GREAT WESTERN shall bear all costs incurred by virtue of its participation. 9. Privity of Contract: GREAT WESTERN shall not have privity of contract with the PARTICIPANTS of the PLAN. GREAT WESTERN shall not be required to accept or honor any instructions that may be submitted by any PARTICIPANT or to provide any information regarding the account or any transactions of any kind except upon the written instruction of the DISTRICT or as required by law. 10. This agreement may be terminated any time by either party hereto upon three (3) months advance notice in writing to the other party. 11. Except as hereinafter provided any written notice and statement to be given by one party to the other party hereunder must be sent by First Class mail, postage prepaid. Notice to the DISTRICT shall be addressed as follows: South Tahoe Public Utility District Post Office Box AU South Lake Tahoe, California 95705 Attention: David Callahan E Two Copies of any written notice shall be mailed to GREAT WESTERN, one each addressed as follows: GREAT WESTERN SAVINGS AND LOAN ASSOCIATION 11740 Sutton Way Grass Valley, California 95945 GREAT WESTERN SAVINGS AND LOAN ASSOCIATION 8484 Wilshire Boulevard Beverly Hills, California 90211 Attention: Deferred Compensation Department Any Notice of Termination shall be by Registered Mail. OF , Controlling Officer Approved as to form: Legal Counsel GREAT WESTERN SAVINGS AND LOAN ASSOCIATION By ,Vice President By ,Secretary 1 0