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238 APPROPRIATION CARRIED OVER: OVER-EXPENDED ACCOUNTS MATTER RE: NATIONAL GUARD ARMORY PROPOSED AGREEMENt PRESENTED RE: City MANAGEMENT ASSOC. RETIREMENT CORP. BE IT RESOLVED BY THE COUNCIL Of THE CItY OF CHARLOTTESVILLE THAT ~164,730.00 BE AND THE SAME IS HEREBY AppROPRIATED FOR THE OVER-EXPENDED ACCOUNTS IN THE 1971-72 BUDGET- THE CITY MANAGER ADVISED THE COUNCIL THAT HE HAD BEEN INFORMED BY THE NATIONAL GUARD THAT THE NEW ARMORY WILL COST APPROXIMATELY ~26,000.00 MORE THAN THE ORIGINAL CONTRACT. THE ADDITIONAL COSTS ARE COMPOSED OF SITE DEVELOPMENT, STREET CONSTRUCTION AND STORM DRA1NS~ SALARY FOR INSPECTOR, LANDSCAPING AND OPERATING EXPENSES. ON MOTION BY MR. FIFE~ SECONDED BY MR. DAVIS, THE CiTY MANAGER WAS AUTHORIZED TO EXECUTE THE CONTRACT ASSUMING THESE ADDITIONAL COSTS. THE CITY MANAGER PRESENTED A pROPOSED AGREEMENT BETWEEN CITY COUNCIL AND HIMSELF FOR DEFERRED COMPENSATION AND A TRUST AGREEMENT BETWEEN THE CITY COUNCIL AND INTER- NATIONAL CITY MANAGEMENT ASSOCIATION RETIREMENT CORP. FOR THE HANDLING OF SUCH DEFERRED COMPENSATION TO BE PAID AT AGE 60 IN THE FORM OF A PENSION. THE AGREEMENT BETWEEN THE COUNCIL AND CITY MANAGER PROVIDES FOR 9~ OF REGULAR MONTHLY COMPENSATION AS DEFERRED COMPENSATION- THE CITY MANAGER STATED THAT NO APPROPRIATION IS NECESSARY, SINCE THE DEFERRED COMPENSATION WILL BE PAID FROM THE APPROPRIATION FOR PENSIONS~ AND THAT HE RELINQUISHES ALL RIGHTS AND BENEFITS UNDER THE CITY'S RETIREMENT PLAN. ON MOTION BY MR. DAVIS, SECONDED BY MR. WRIGHT, EXECUTION OF THE FOLLOWING AGREEMENT WAS UNANIMOUSLY APPROVED: AGREEMENT ENTERED INTO THIS 19th DAY Of JUNE, 1972, BETWEEN THE City COUNCIL OF CHARLOTTESVILLE (HEREINAFTER REFERRED TO AS THE "EMPLOYER"), HAVING ITS PRINCIPAL OFFICE AT 7TH AND MAIN STREETS, CHARLOTTESVILLE, VIRGINIA, AND COLE HENDRIX (HEREIN- AFTER REFERRED TO AS .THE "EMPLOYEE"), RESIDING AT 1946 MICHAEL PLACE~ CHARLOTTESVILLE~ VIRGINIA. WHEREAS, THE EMPLOYEE IS AND WILL BE RENDERING VALUABLE SERVICES TO THE CITY COUNCIL IN HIS CAPACITY AS CITY MANAGER~ AND WHEREAS, IT IS THE DESIRE OF THE EMPLOYER TO HAVE THE BENEFIT OF HIS CONTINUED LOYALTY~ SERVICE AND COUNSEL AND ALSO TO ASSIST THE EMPLOYEE IN PROVIDING FOR THE CONTINGENCIES OF OLD AGE DEPENDENCY, DISABILITY~ AND DEATH~ IT IS THEREFORE AGREED: ]. DEFERRED COMPENSATION. AS OF THE DATE OF THIS AGREEMENT THE EMPLOYER WILL COMMENCE TO COMPENSATE THE EMPLOYEE FOR HIS SERVICES IN THE FORM OF BOTH CURRENT AND DEFERRED COMPENSATION. THE AMOUNT OF CURRENT COMPENSATION MAY BE ADJUSTED BY THE pARTIES HERETO FROM TIME TO TIME WITHOUT ALTERING THE TERMS OF THIS AGREEMENT. THE DEFERRED PORTION OF THE TOTAL COMPENSATION WILL BE CONTROLLED BY THE TERMS OF THIS AGREEMENT AND WILL EQUAL 9 PEr CENT OF THE EMPLOYEE'S REGULAR MONTHLY COMPENSATION° 2. DEFERRED CcMPENSATION ACCOUNT. DEFERRED COMPENSATION SHALL BE CREDITED AND PAID INTO A TRUST TO BE ESTABLISHED AND MAINTAINED WITH THE ~NTERNATIONAL CITY MANAGEMENT CORP., (HEREINAFTER REFERRED TO AS "RETIREMENT CORP."), AS TRUSTEE. THE RETIREMENT CORP- Is A NON-PROFIT CORPORATION FORMED FOR THE SPECIFIC pURPOSE OF INVESTING AND OTHERWISE ADMINISTERING THE FUNDS OF SAID TRUST. THE TRUST MAY BE REVOKED AT ANY TImE BY THE EMPLOYER, AND UPON REVOCATION OF SAID TRUST~ ALL OF THE ASSETS THEREOF SHALL RETURN TO AND REVERT TO THE EMPLOYER. THE EMPLOYER SHALL KEEP ACCURATE BOOKS AND RECORDS WITH RESPECT TO THE EMPLOYEEtS TOTAL COMPENSATION OR OTHER EARNED INCOME AND WITH RESPECT TO AMOUNTS PAID INTO SAID TRUST. 3. OWNERSHIP OF FUNDS. NEITHER THE EMPLOYEE NOR ANY BENEFICIARY THEREOF SHALL HAVE ANY INTEREST WHATSOEVER IN THE FUNDS PAID INTO THE DEFERRED COMPENSATION ACCOUNT OR IN THE ACCUMULATIONS OR ANY INCREMENTS ON SUCH F~NDS~ WHICH SHALL AT ALL TIMES REMAIN AN ASSET OF THE .EMPLOYER SUBJECT TO ITS ABSOLUTE DOMINION, CONTROL, AND RIGHT OF WITHDRAWAL UNTIL SUCH TIME AS THE FUNDS OR ASSETS Of THE ACCOUNT ARE DIS- TRIBUTED TO THE EMPLOYEE IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT. THE OBLIGATION OF THE EMPLOYER TO PAY DEFERRED COMPENSATION IS CONTRACTURAL ONLY~ THE EMPLOYEE HAVING NO PREFERRED OR SPECIAL INTEREST OR CLAIM, BY WAY OF TRUST, ESCROW, ANNUITY~ OR OTHERWISE~ IN AND TO THE SPECIFIC FUNDS AND ASSETS HELD IN THE DEFERRED COMPENSATION ACCOUNT. THE CONTRACTUAL OBLIGATIONS OF THE EMPLOYER TO PAY DEFERRED COMPENSATION TO THE EMPLOYEE OR HIS BENEFICIARY ON THE APPLICABLE DISTRIBUTION DATE SHALL BE A CONTINUING OBLIGATION UPON THE ~MPLOYER, SHALL NOT BE RELIEVED BY ANY AGREEMENT BETWEEN THE EMPLOYER AND ANY OTHER PAR~Y~ AND SHALL NOT BE AFFECTED IN ANY MANNER BY AMENDMENT OR REVOCATION OF THE TRUST REFERRED TO IN SECTION ~ HEREIN OR BY REVERSION OF THE TRUST FUNDS TO THE EMPLOYER. THE PROVISIONS OF THiS PARAGRAPH SHALL SUPERSEDE AND CONTROL ANY OTHER PROVISION OF THIS AGREEHEN~ WHICH cOULD BE INTERPRETED TO BE IN CONFLICT HEREWITH. ~. ADMINISTRATION OF FUNDS. THE FUNDS DEPOSITED IN THE DEFERRED COMPENSATION ACCOUNT SHALL BE INVESTED AND REINVESTED BY THE RETIREMENT CORP. IN ANY MANNER WHICH IN ITS SOLE DISCRETION IT DEEMS DESIRABLE~ SUBJECT AT ALL TIMES TO ANY LEGAL LIMITATION GOVERNING THE INVESTMENT OF SUCH FUNDS. THE ACCOUNT SHALL INDICATE THE NAME OF THE EMPLCYEE FOR THE. SOLE PURPOSE OF IDENTIFYING THE FUNDS AND SHALL ALSO REELECT THE GAIN OR LOSS RESULTING FROM THE INVESTMENT AND REINVESTMENT THEREOF.