Resolution No. 1680 •
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RESOLUTION NO, 1680
A RESOLUTION AUTHORIZING THE PRESIDENT OF
THE BOARD OF DIRECTORS OF THE SOUTH TAHOE
PUBLIC UTILITY DISTRICT TO EXECUTE A SUPPLEMENTAL
RETIREMENT AGREEMENT FOR THE DISTRICT MANAGER
BE IT RESOLVED, by the Board of Directors of the SOUTH TAHOE PUBLIC
UTILITY DISTRICT as follows:
1. That the President of the Board of Directors of SOUTH TAHOE PUBLIC
UTILITY DISTRICT be, and he is hereby authorized to execute a Supplemental
Retirement Agreement between Russell L. Culp and South Tahoe Public Utility
District, dated May 4, 1972, which said Agreement is attached to this said
C r , Resolution and incorporated herein by reference.
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PASSED AND ADOPTED on May 4, 1972, at a duly held meeting of the
Board of Directors of SOUTH TAHOE PUBLIC UTILITY DISTRICT by the following
vote:
AYES: Directors: Wakeman, Hegarty, Ream, and Kortes
NOES: None
ABSENT: Director Fesler
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Ro•ert Wakeman, President Pro Tem of the B d
SOUTH TAHOE PUBLIC UTILITY DISTRICT
ATTEST:
David W. Callahan, Clerk and Ex- officio
Secretary of the Board
SOUTH TAHOE PUBLIC UTILITY DISTRICT
1441r.
SUPPUrVTENTAL RETIREMENT AGREEMENT
This agreement effective this 1st day of April, 1972,
by and between RUSSELL L. CULP of South Lake Tahoe, California,
who is hereinafter called "employee" and SOUTH TAHOE PUBLIC
UTILITY DISTRICT, County of El Dorado, State of California, a
public agency, which is hereinafter called the "employer ".
WITNESSETH
WHEREAS, the employer is a public agency engaged in
the collection and treatment of sewage and disposal of reclaimed
water and other public services; and
WHEREAS, an employment relationship has existed
between the parties hereto for over four years prior to the
effective date of this agreement, and employee has rendered
professional consulting services to employer for a period of
over seven years prior to said employment relationship, all
to the mutual benefit of both parties; and
WHEREAS, it is the present intent of employee to
continue in the employment of employer and it is the present
pleasure of the Board of Directors of employer to so employ
employee;
NOW, THEREFORE, in consideration of the mutual
covenants and the performance hereof by all of the parties,
the parties hereto agree as follows:
2.
1. The employee agrees to remain in the employ of
employer at the pleasure of the Board of Directors of employer
and render his professional services to employer for the time
each year specified in Ordinance No. 220 of employer, passed
and adopted the 4th day of May, 1972, or any other lesser time
as may be permitted by employer and agreed to by employee,
until employee reaches the age of 65 years.
2. Beginning with the first month after the employee
reaches the age 65, the employer shall pay him $444.02 a month
for 120 months, subject to the conditions of Sec; and 6
hereof. If the employee dies after he has attained the age 65
but before he has received all these payments, the employer
shall pay to his designee the balance of said payments as they
accrue.
3. If the employee dies before he attains the age
65, the employer shall pay to his designee $444.02 a month
for 120 months, but such payments shall be subject to the
conditions in Section 5 hereof.
4. So long as this agreement remains in effect, the
employee shall not render professional services to any other
person or public agency as an employee, but may perform
private consulting services and private technical writing
for any person or public agency within the vacation time
specified in said Ordinance No. 220, or any other time
permitted by employer and agreed to by employee for rendering
said services.
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5. In the event the employee, before he attains
i hre the age of 65, voluntarily leaves the employer's service
or said service is terminated at the pleasure of the Board
of Directors, all ownership rights under Manufacturers Life
Insurance Company's policy or any successor policy shall be
assigned to him by the employer.
6. The employer shall fund the benefits under this
deferred Supplemental Retirement Agreement by payment of a
total annual premium of $3,652.15 per year to Manufacturers
Life Insurance Company, which shall provide for the guaranteed
payments agreed to be paid by employer pursuant to Sec. 2 and
3 herein and provide for the ownership rights under Sec. 5
herein. Employee shall at his option upon attaining the age
of 65 years be entitled to lump sum payment in lieu of the
payments provided in Sec. 2 herein in an amount equal to all
cash values and dividends at said time in a guaranteed amount
of $40,110.00, or such other larger sum as said cash values
and dividends equal at employee's age of 65. Employer agrees
as a part of the benefits to be received for payment of said
total annual premium, to cause Manufacturers Life Insurance
Company to insure the life of employee until employee reaches
the age of 65 years in the amount of $35,000.00. Employer
also agrees to further pay a total annual premium of $15$.20
to Manufacturers Life Insurance Company for disability benefit
to employee in the amount of $300.00 per month for disabilities
lasting longer than six months, retroactive to the first day
of disability and continuing until the employee attains the
age of 65 years.
4.
7. This agreement shall be binding upon the parties
i h, hereto, their heirs, executors, administrators, successors,
and assigns. Neither the employee nor his spouse, however,
shall assign any part of his or her right under this agreement,
unless the employer agrees thereto in writing. In the event of
a merger, consolidation, or reorganization involving the
employer, this agreement shall continue in force and become
an obligation of the employer's successor or successors.
8. This agreement shall be covered by the laws of
the State of California.
WITNESS WHEREOF, the parties hereto have set their
hands and seal this 4th day of May, 1972.
kbe USSELL L. CUL' /
Employee
SOUTH TAHOE PUBLIC UTILITY DISTRICT
By . w 4
ROBERT W. PESLER, President of
the Board of Directors of South
Tahoe Public Utility District
ATTEST: Employer
DAVID W. CALLA AN, Cler - and ex- (SEAL)
officio Secretary to the Board
of Directors of South Tahoe
the Public Utility District
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I hereby certify that the foregoing is a full, true and correct copy
of RESOLUTION NO. 1680, duly and regularly adopted by the Board of Directors
of the SOUTH TAHOE PUBLIC UTILITY DISTRICT, El Dorado County, California.
David W. Callahan, Clerk and Ex- officio
Secretary of the Board
SOUTH TAHOE PUBLIC UTILITY DISTRICT