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HomeMy WebLinkAboutRES CC 2007 2624 2007 0801RESOLUTION NO. 2007 -2624 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, AMENDING RESOLUTION NO. 2004 -2174 AND NO. 2005 -2373, BY AMENDING THE CITY OF MOORPARK GOVERNMENTAL MONEY PURCHASE PLAN AND TRUST ADOPTION AGREEMENT FOR THE 401 (a) Plan (Plan No. 108573) WHEREAS, on March 3, 2004 the City Council adopted Resolution No. 2004- 2174 authorizing the establishment of a 401 (a) Money Purchase Plan and Trust with the ICMA Retirement Corporation for designated employee groups; and WHEREAS, on August 31, 2005 the City Council adopted Resolution No. 2005- 2373, amending Resolution No. 2004 -2174; and WHEREAS, a staff report has been presented to said Council recommending an amendment to the City of Moorpark ICMA Retirement Corporation Governmental Money Purchase Plan & Trust Adoption Agreement to allow eligible participants to take loans from the Plan; and WHEREAS, Exhibit A "Loan Guidelines Agreement for a Retirement Plan" and Exhibit B "Amendment to ICMA -RC Governmental Section 401 Plan & Trust Adoption Agreement" describes said amendment. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. That Resolutions Nos. 2004 -2174 and 2005 -2373 are hereby amended to incorporate Exhibit A "Loan Guidelines Agreement for a Retirement Plan" and Exhibit B "Amendment to ICMA -RC Governmental Section 401 Plan & Trust Adoption Agreement' for the City of Moorpark. SECTION 2. That the City Manager or his /her designee is authorized to execute the attached Exhibits "A" and "B" to the Plan Agreement. Resolution No. 2007 -2624 Page 2 SECTION 3. That the City Clerk sh and shall cause a certified resolution to b f ed in the PASSED AND ADOPTED thi ATTEST: r ,=O Deborah S. Traffenstedt, i Clerk st day of August, Hu the adoption of this resolution c of origin"esolutiorW. mayor Attachment: 1. Exhibit A "Loan Guidelines Agreement for a Retirement Plan" 2. Exhibit B "Amendment to ICMA -RC Governmental Section 401 Plan & Trust Adoption Agreement Resolution No. 2007 -2624 Page 3 ATTACHMENT 1 EXHIBIT A LOAN GUIDELINES AGREEMENT FOR A RETIREMENT PLAN icmARC Building Retirement Security Resolution No, 2007 -2624 1 C M A- R C Page 4 INSTRUCTIONS (Please refer to the previous section, "A Guide to Implementing a Loan Program ") These Lean Guidelines must be completed before loans can be made frOM your retirement Flan. You should consider each option carefully befOrC making your selections because your ;election., will apply to all loans made while the selection is in effect. It you later change any provision, the changes will apply only to loans trade after the champ e is adopted. Loans in exisrencc at the erne of' any future changes will continue to operate under the guidelines that were in effect at the time the loan was originally made. Note: if loans arc• available to your employees fiont other plans (c.g. other Section 4i7 cleferrecl compensation plans or other Sec- tion 401 plans), calcul:uion of ncc maximum loan amount must consider the .tggtegate of all loans from all 401 and 45' plans in which the employee participates. See the Maximum I.oan Amount Worksfteet on patio ? of A Guide to lrnplemekmpng a l.ourt PrtTratn, found in this packer. 2 Resolution No. 2007 -2624 Page 5 Name of Plan (please state the Ftrmployer's complete name, including state): ____ ____ _ Plan'lype: ❑ 401(a) Money Purchase flan ❑ 401 Profit Sharing flan ❑ 45' Deferred Compensation flan ICMA -RC Plan Numbcr: I. Purpose The purpose of these guidelines is to establish the terms and conditions under which the Employer sill giant loans to participants. I his is the only official Loan Provision Document of the shove narnctl Plan. I1. Eligibility Loans are available to all active• employees. Loans will not he granted to participants who have an existing, Flan In default Leans will he pin laved anIOJIn all the funds in which the participant is invested at the time the loan is made. For 401 plans only: LCIAIIS ale available from the following soutce•s• (select une or bothl ® Employes Contribution Account (vested balanexs 0111•) ® Participant Contribution Accounts (pre and post -tax, if applicahle, nlcludinn Employee ,Niandatory, Fnlpl0yee VulllnfarV, Employer Rollover, and Portable Benefits Accounts, but excluding the Deductible Employee Contribution /Qualificd Volun taly Employee Contribution Account) Fat all plan types: Loans ate available lot the following purposes: [select one] ® All purposes ❑ Loans shall only he granted in the event of a patticipant's hardship or for the puI J)I, l• of enabling a participant to nlc•et certain specified financial siwations. "file employer shall ,lpprove the participant; lo.11l application after de•tetnlinin,,, based on all relevant facts and circumstances, that the amount of the loan is nor In excess of the :rnroum required to relieve the fi nanclal need. For this ptlipose, financial need shall me ude, hilt not he limited to: Ilmcin,hursed medical expenses of the par- ticipant or nu•nlhers of the participants inunediate family, establishing of substantially rehabilitating the principal residence of'the patucipam, or paling for a college education (including graduate studies) for the participant or his /her dependents. Ill. Frequency of loans [select one] 10 1'a111cipanu play receive one loan per calendar year. .Morcover, parllclpallts IllaV Il.lve only 0110 i I) outstan(lrm' 10,411 at a rinse. ❑ Participants nlal Ieceivc• one loan per calendar year. ,ti1o1eovc•r, 110 participant nlay h.Itie 11101.• than five• (5) loans uulst.4uchm1) at One tulle. 3 Resolution No. 2007 -2624 1 C M A R C Page 6 IV. Loan amount The minimum loan amount is $1,000. The maximum amount of all loans to the participant from the Flan and all other pl.tns sponsored by the Finployei that arc qualified employer plans under sect ion '2(p)(4) o f t he Code is the lesser of: (1 1, $50,000, reduced by the highest outstanding balance of all loalts Runt ,city 401 oI 457 plans for that participant dminti the one -year period ending on the day before the date a loan is to be made, of (2) one half of the participant's vested account b.tlauce, tcduced by the uurcnt outstandinI; balance of all 40 1 and 457 loans from all plans for that participant. If a participant has ant• loans outstanding at the time a new loan is requested, the new loan will be limited to the maxinuun amount CA-11- hied above reduced by the total of the outstanding loans. A loan cannot he issued for more than the above amount. The participants requested loan amount is subject to downward adjusunent without notice due CO market HUCtU1Uon between the time of Application and the tine the loan is made. V. Length of loan A loan must he repaid in substantially equal Installments of principal and interest, at least monthly. over a period that does not exceed five (5) years. Loans for A principal residence must be repaid in suhstanu,ally eilual installments of principal and interest, at least monthly, over a period that does not exceed _. IS Istare number of yeaisl years (imiximum 30 years). VI. Loan repayment process Loan repayments for active employces must be through (choose one): X Payroll deduction only ❑ ACH debit only. ❑ Employee may choose either payroll deduction or ACC I debit. N6,0(2- I If payroll deduction repayment is allowed, and the employee wishes to use this ntcrhod, the employee must notify the Employer so that the Finployet can ensure that repayment will begin as won as piacticahlc on a date docrntincd by the Employers payroll c­ycle. f ailure'ro begin pay—ioll deduction in a rimel), way Could lead to the cmplovec's loan enterin); dchnyucnc} status. Payroll deduction should begin within two payroll cycles following the employee's receipt of the loan. Repayments through payroll deduction will be sent via cftcck oI wuc b�' the Enaplo�rr to ICNIA RC on the f011owin," cyCle- (choose one): ❑ Weckly I52 pct year) ® Ri weekly (26 per year) ❑ Scim- monthly (24 per year) ❑ Monthly (1 2 per year; If ACH debit repayment is allowed, debits front the empl(wee's dcsignatcd hank ILLOUnt will begin appruximatel) one month fol lowing the date the einplovcc's sinned ACH authoiiz.atiou form IN Icu•iscd and pruressed by I(.MA W tit, rn the Case of online loans, approximately one month following the date the loan i heck has been cleared t6i payment. Debits will norm.tlly he made on a monthly basis. Resolution No. 2007 -2624 Loan Guideline, AQ,revue•n; Page 7 l -pans outstanding for former employees or employees Oita leave of absence must he repaid on the ;ante schedule as if payroll deductions were still bruit made unless they reamortize their loans and establish a nest tel)aymem schedule that provides that sub stantially equal payments aft• made At least tnondily over the ienlalning pcfrod of the loan. I oan payments, including loan payrncnts from former employees, are allocated to the participants current election of investment option; on file with IC:'vtA -RC. The participant may pay off all or a portion Of the principal And interest early without penalry or additional fee. Extra payments are applied forward to both principal arid interest as specified in the original rel)aymcnt schedule, unless rile additional payment is for the balance due. VII. Loan interest rate The IAte of interest for loans of five (5) years or less will he based on prune plus The rate of interest for loans for a principal residence will be based on the FIiANA rate. Interest totes are determined on the last business day of the month preceding the month the IoAn is disbursed. ' he interest IAA is locked in at the time a loan is approved and remains constant throughout tilt life of trite loan. The prime interesr rate is determined on the last business dAy of each month using wsvw. nfsn.com as the source. The FHA/VA interest rate is also dc•teirnined on the last business day of cash month usutZ; www /bankofantcrica.cont as rile source. Loan interest rates for new loans taken in different months inay Huctuate upward of ,downward monthly, dcpendinl, on the move- nitric of the prime and FI INVA interest rates. The employer may modify the manner in which loan interest rates will he tdeterntined, hilt only with respect to future louts. VIII. Loan application procedure loans must he requested using; the following method (check one): ❑ Online only: All loans must he requested online by employe•(•,\ through 1(.'tilA R(, Account Access site at w"rw.icmaic.ow, with Employer pre - authorization As outlined in italic, below. If .in employee is married At the rims of application, and spousal cnnscnl is trquimd b) the 11311 for the 10.111, the employ- ee:, spouse must consent, in writing, t0 rile loan anti rftc eonsent must he witnessed by a plan represrntAti,\r or notary puhhc. Such c0nscnt mwt he received in writing by WMA RC no more rhan Itinc•ty '90) days belOw the loan request is submitted thiou -h Account Acccss. TI Ore, pure, nurli -in- lending rescission notice and disdosuri ;tatenlent arc prrsc tired to the employee online through Account Access at the rime the employee submit the loan request. A he• employee confirms receipt And acceptant e of these documents by clicking un the affirmarivc burtnns on tilt- Account AICI•s, protitant. /{,e rrlployer herebj, illulrorize., d1,1 /11turC loan 1'YqueUled iA ouRh Ilse oil l wt, 1), o, r ,; Iv,l A, l olr Ail ; L rr, ,. 1, well & all rellllr;l, Mat elnphryee, ;ubpmi wt paper lurrll,. pen(hnlK review ill tl,e upplir,uiulr lip U.'A'M RC Nutter o lotm n)uan ct, will fir provided to the Ftliplover ui�1 re port, pasted un the !TI trek sue. The loan amount will generally he redeemed floni the rrnployc•c•�, account un tfic same day as the entpl0yrc:, suc-essfirl submission of the loan request through Account At(CSS, I! It is subrnittecl prior ro 4AM 11.1n. F, 1 oil a business d.iv. If not. the loan attlount will be redeemed on the next busines, day lollo%&Ing submissioit. I he loan check is Renerally issued 011 tilt next husiness day following redemption, and will be mailed directly Io ncc employee•. *I 'h,- e•mployec's p esenirne•nt of the loan check for payment constitute." an acl now1cclonicni that the entl,l0yc•e has received and read the loan di,, losuie infomiAtion provided by ICMA -RC and .wrec% to the term, therein. I oan ic•paynu•nt will begin as soon ;u prActic,Ible following the entplu)c•e', prc,cntment of the loan check for payment 5 Resolution No. 2007 -2624 1 C M A R C Page 8 ® Online and through Direct Loan application: All loans must be requested either 0nlin(- by employees through ICMA -RC's Account Access site at www.icmatc.org, m through di I )Ircct I uan application, Will of which require pre autlimizanon by the Ernployet As outlined in it3lies helilw. If AM employee is marl icd it tile time of AppliLat loll, and spous, +I co11se'111 is required hs the Plan lot the loan. the employ - ec's spouse must consent, in writing, to the loan and the cexlscnt must he witnessed by a plan rcprescntative or norary public. Such consent must he received In writing by 1(. MA RC no more than ninety (90) days before the• loan request is submitted through Account Acccto. In the cyst of the Direct Loan Application, spousal consent should be sent aloll" with the application. 'File promissory Mote. Truth -m- lending lescission noti.c .1114 disdo >ute slatcnunt arc mailed to the• employee along with the issued loan check. I he employee ,orifirms teccipt and acccplance of' these docurncnts and terms at tilt• runic the en dUlSed check is presented lit pa)mient. the Frtiployei hereby attathortre, rill1ierto-e loam, rev, tr,ted throte,Klh the online ptoa c ,r vial ,'Ic rotvrtt : is r <i. an 1,W/ a, any rer uea, theft errtployre, subtnit on paper form,, pending review o/ the <appliramon by I( ALL R(.. N'otice o/ loam iututttre will be provided to the I .-mployri teat report, poired ort the F/I.ink site l he loan amount will oc•nc•rally be redeemed from the cinploycc's account on the ,ante day as either IClviA -RCs receipt of A loan application (complete and in good order), of the• employee, succe•sJUl submission of the luaM request through Account Access, if it Is submitted prior t0 4:00 p.m. F I kill a business day. ll nut, the loan anlounr will be redeemed on the' next business day following submission. The loan check is generally issued on the next business day followiMo redemption, and will he mailed dire(tly to the employee. I he employees 111csenrinc ilt of the loan c heck felt payment constitutes an ac knowled inent that the enlploylec has reccivcd and read the loan dIS(IONIIIC inti)Inlittoll provided by ICMA RC and agrees to the terms therein. Loan repayment will begin as soon :a practitable li)Ilowitig the' cnrployec', presentnicnt of (lie loan check fur payment. Direct Loan application only: All loans nu m be' requested through the I )H(A-t Loan application, which requires pre• -.Ili thorizanon by the Fnlployc'1 as outlined Ili rt.ilics below. It an employee a marred at the rime ol*applic.uloll, and spousal consent is re•qutrcd by the• flan fur the loan. the employ ees spouse' must consent, in writing, te, the loam and the consent must be witnessed by a plan repie•;cntAtive of norary pubh,. Such consent must he iccervcd in writing by R'..MA It(: along with file I)irc'ct Loan Application. The promissory note, truth -in lending, rescission noricc and disclosure ,t,ucmcnt arc nlailc•d to the c•Mlpluycc along W1111 the issued loan cheek 'I he employee eunfirllls receipt .lod ac1cpt,ulcc• of these docunu'nts At rile time the endorsed .heck is presented tut payment. I lae employer hereby arttthort_:e, at // f rotate to ttt, rea/ue,ted oat paper /orm, peitditt'� iove.w o/ the atpp /ta,utt» i fiq ICMA R(: Noise e nf'loant i))xarrrrr will be provided to the Fmphger vial report+ poaed ott the L%l.ink cite. The• loan amount will (,cncially be redeemed from th; cmplu)ecs .neounr on the s.mw day .0 R MA RC s receipt of a loan application (coMlpletc and in good order). The 10311 check will generally be issued tium tflc e'nlpluyecs aecoutlt on the nest business day following redemption. The• loan check will be mailed directly to (he employee Lhc cmplotcc', prewillnlent of the loan check fur p,lynlcnt constitutes an icknowledpiciit that the employee has re•ecivcd and read tllc loan d1,clOSUrc 111ful 111,11' loll provided by WMA RC and agrees to the terms (herein. Loan rcpasntcnt will he'll) as soon As praetieablc following thc• cmployccs picsentmc•nt of the loan check his payment. 171 Loan application through the Employer: All 10,u)s must he rc'qursted in wiiuM kin Ail apphc;uiort approved) by the plmi administimor. The• appl,c;uion must he signed by the parne,panl. I he I'nlplo. ecl must rc'. ies. and .rpplovc e.leh p.trtiei- pam s application. 9 Resolution No. 2007 -2624 Page 9 Loan (luidelinr, Agrrz•mm., -I lie particrpanc will he required to sil;n a promissory note evident in. the loan and a disclosure staterruvu that includes an amortization schedule prior to receiving a loan check. Loan check; will l;cnetally he issued on the next business day following ICMA -RC's receipt of a complete loan application. The loan clic•ck, promissory note, disclosure statement and nuth -in- lending rescission notice will be Sent to the• employer, who will ()brain the necessary signatures and deliver the check to the participant. All execurccl documents must be returned to 1(. :NIA -R(1 within 10 calendar days from the date the check Is issued. IX. Security /Collateral That portion of a participant's account balance that is equal to the arnount of the loan is used as collateral hu the loan. The col- lateral amount may not exceed 50 percent of the participants account balance at the time the loan is taken. Only the portion of the account - balance that corresponds to the amount of the outstanding loan balance is used as collateral. X. Acceleration ]select one] D All loans are due and payable in full upon separation front xrvtce. Cl All loans arc duc• and payable when a participant reccrves a distribution of all of his /her account balance afic•r separa- tion fiom service. -1 he amount of the outstanding loan balance will he teportcd .ts a distribution in addition to the amount of cash disn ihured from the plan. ® All loans are due And pavable when a participant teceives a distribution of part of his /her account balance attet separa tion fiom service. The amount of the ountanding loan balance will he reported as a distribution in addition to the :tntuunt of cash disn"ibuted from the plan. X1. Reamortization Any outstanding loan may he reamortized. Reamortization means changtni-, ncc terms of ,t loan, such as length of repayment peri- od, interest rate, and frequency of repayments. A loan may not he reamortized to extend the length of the loan repayment period to more than five i>) years horn the date ncc loan was onglnally made, or ut the case ofa loan to Se•curc• .t Principal residence, heyond the number of ,years specified by the employer in Section V Above. A patticrpant must request the re•amortization of a loan in writing on a rcamortiration Application acceptable to the plan adirimrs nator. l,*pon processing the request, a new disclosure statement will he senr to the employer for rndorscment by the participant and Approval by the employer I he executed disclosure statcmcnr must he returned to the plan administrator within 10 calendar days fiom the date it is signed. 'Fite new discloswc statement is considered An amcndnie•nt to the• original promissory note', therefore• :r new promissory note will not be required. A rramortizanon will not be considered a new loan for purpose, of Lalculailrig the nurrlbcr of loans outstanding or the one. loan Per calendar year limit. X11. Refinancing existing loans If a participant has one outstanding loan, that loan may, be icfio i(cd. It I pal it, has more than one outstanding loan, no loans may he refinanced. Refinanung means concurrently repaying am c\uting loan and bmiomm, an additional amount through a new loan. Refinancing, includes any situation in which one loan replac es Another Iran and the• terns of the rrplaccinem Iran duns not exceed the latest petmrssable tetm of the replaced loan. In order to refinance in cxisrmo loan, a pamicipant must request this in writing; on an applicmion .tpprovcd by the plan adminisria- tor. Such request must he made at a time when the participant Is eli ;rblc ro obtain :I loan as defined by the employer in Sectmn III abw,e. I he Amount of) he additional loan amount requested for ncC purpose of refinAncing is subjcci io ncc loan limits specified w Sccuon IV above. &•cause a rctinancut," is considered a new loan, only active cinpliwtes ntay refinance• an ottstanding lomi Resolution No. 2007 -2624 1 C M A R C Page 10 X111. Reduction of Loan If a participant dies prior to full repayment of the• nrttstandut", loan(s). rhr out,t;utdirrg lour b,rl:urcc(,) will he deducted from the .recount prior to distribution to the benrftciary0c,). The unpaid loan amo trot 'u a (axabic distribution and may be subject to earl withdrawal penalties. 1 he participant 's estate Is responsible• for tags 01 pcnaluc•s on the unpanl 10,111 arrntunt, if am. A be•neficiar� is responsible fire nixes due• on the antr�unt he or she receive•, A I ornl 1099 will he is,ucd to both the brnchcrary and the estate for these purpose,. XIV. Deemed Distribution Loan repa)menn must he made in accordance• with the pl.rn document. plan loan puidrlincs.:utd a, reflected in the promissory note signed by the Participant. If ,r sc11cduled pavnte•nt is not paid within 30, 00, .utdiot 9(1 d.ty, of t11c clue: date. a notice will he sent to both the employer .end the employer. A loan will be decnteei distributed when a scheduled payment is still unpaid if the cnd of the cActitfat quarter tirllowing the ealen dar quarter in which the payment was due. II the total amount of ally delinquenr pavrtx•nt a not reec•It'ed by ICMA -RC. by the end of the calendar quarter following the calendar quarter in which they paynu•n( was due. (he limn is considered a [axahlC dimibution. and the principal balance, in addition to any accrued inte•rest, r, wportv(l a, a di,trrhuthm to the IRS I low•ever, no money i, pale{ in this disnihution. because the participant already has the loan procc•ccl,. The loan is drenu•d distributed for tax purposes, hilt it i, not an actual drsttihution and therefore• icnl,tin, an asset ofthe parttci- pant:s amount. brterc,t continues to accrue. I he• nu(standin," loan balance and a(eruell interest arc reported on the participants account s(a(cment. Repayment of a ieeinc•ti distribution will not change or reverse the t:u•lhle rvc tit. The loan continues to he outstancling, and to accrue• intc•rra. until it is repaid or offset u,iu,; the parti:ipants acccnl111 halancc An offset can incur only if the participant is eligible to I'eleIVC a dis1 I ihu(1011 tram the• 1)1,111 as outlined ur the plan document. Rifticipants arc requited to wpay any ours(andiny, loser w•hicf1 bas been dccnnd dn(rtbute•d before they can hr eligible• t0l .1 new loan. The cle•enied list Iibution and anti interest accrued since• the d.ue it be•urrrtt- a (JUhlc c,cnt n (.tkeo into account when deter mmino tilt- nrrxuntim amuuni ivailablc for a new loan. Nc,s% louts must be rep :ud tltrou,t)t p.tytoll dedll,r]011. I he employer Is obligated by tcdclA regulation to cclnrpiy with the loan luclrl IM r rccluirc•otc•nts .y,plicable ru parnupant loan,, antl to enwre against cicentcd distnbtrrion by monitottnl; loan repayments, rt­.udlc•ss otthc nwthod of repaymcm, and by advising, c•rtt ployees if loans are in danger of bring deemed dis(tihurcti. I ht-• tax luahlicd ,ta(u< or cligrhtli(y of the entire plan m.ry ht-• resokeel in cases of frequent repayment delinquent-. or deemccT ellsrribution. XV- Fees Fees may he 4barged fur ,-at nxls ,review :usocia(cd with flit- application lot and i „teener of loan, All ipplicahlt: tics will be dehtted from the parricrpant's account balance and /ot fiont the p.trticil, ant', 10,111 1cpaynt01t, prior to cre•cfitrrtt' the repaynten( of principal and rnictest to the participant, account. A schc•dtrle of fees applirahle to 1111, phut IN spculic•d ur I( MA M , t orient publication of ,lath (,) loured liege <ntreut Oe, aeon,. A Retnemenr /rmr,ttirOrr GUldr. Resolution No. 2007 -2624 1.mtu Guidelme-, Agra mew Page 11 XVI_ Other The employer has the tight to set other terms and condition; as it deems necessary for loans hung the plan in order to comply with any legal requirements. All terms and conditions will be administered in a unito,rni anal nun- disuirttinalmy manner. In Witness Whereof, the empluver hereby caused these Guidelines to be exrcutcd thi> day Of ZQ I'MPl.OYER Accepted: lCMA RF1 lRl•:11FN'1' (:ORI'ORA'll()N Bv: _ _ . __ Hy: .. _ Title: . l isle: Attest: Attest: we Resolution No. 2007 -2624 Page 12 EXHIBIT B ATTACHMENT 2 AMENDMENT TO ADOPTION AGREEMENT FOR SE(TION 401 PLANS 1CMA Building Retirement Security Resolution No. 2007-2624 Page 13 A N4 E 14 D AA E P4T R R( : Plan 4� ICMA RETIRF-MEN] ( :ORPORAI [ON PI AN Al)()P'11()N liclow is anamencinwnr to an existing ( , -ldined contrihutictn '101 qualih(d plan. Ycs No If yes, pleas(• spc61Y the iianic of 111C plan (o whit-11 (111sanicII(IIII(III appli(s: A Lc nn ate •rInuted under the plan, as pnwkWd in Article XIH of Ic AQvion Agr•onmt and m rlic exck mcd Loan (;midelincs Agreement: )is No In V"Irlicss Whcrcof, the F1111110yCr IlCr(•b) 1-ItIsc-S 1111, AQUHUTIt 10 IW •X(-'CLItC,-I 011 this __ 1`1-1y of EMPLOYER I( IA [RI-NIFNA CORPORA] ION By: 1), y Nmuk- P.ml F (,allaglici Attest I n1c: A,,sjsi.mi Sc(r•t,try Resolution No. 2007 -2624 Page 14 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) ss. CITY OF MOORPARK ) I, Deborah S. Traffenstedt, City Clerk of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 2007 -2624 was adopted by the City Council of the City of Moorpark at a regular meeting held on the 1 st day of August, 2007, and that the same was adopted by the following vote: AYES: Councilmembers Mikos, Millhouse, Parvin, Van Dam, and Mayor Hunter NOES: None ABSENT: None ABSTAIN: None 41191M WITNESS my hand and the official seal of said City this 15th day of August, a�� a f Deborah S. Traffenstedt, City erk (seal)