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254 <br /> <br /> -BE IT RESOLVED that the Charlottesville City Council approves the <br />Year One Budget for the Thomas Jefferson Venture. <br /> <br />c. RESOLUTION: <br /> <br />Personal Injury Settlement <br /> <br /> BE IT RESOLVED by the Council ofthe City of Charlottesville, Virginia, upon <br />the recommendation of the City Attorney, that settlement of the following descried <br />lawsuit against the City is hereby approved and ratified, and the Director of Finance is <br />authorized to wake payment from the Risk Management Fund in accordance with this <br />ordinance: <br /> <br />Settlement of lawsuit for $65,000 for personal injury <br />related to automobile accident on May 13, i997 at the <br />intersection of Hydraulic Road and Brandywine Drive. <br /> <br /> Notwithstanding the above, it is understood that settlement of this lawsuit in no <br />manner acknowledges liability on the part of the City for the claim described above, and <br />the City Attorney shall ensure that a proper release is secured from the plaintiff before <br />disbursing any funds. <br /> <br />d. <br /> <br />ORDINANCE: "AN ORDINANCE QUITCLAIMING THE <br />CITY'S INTEREST IN A PORTION OF RIGHT-OF-WAY ON HINTON <br />AVENUE" (2~a reading) <br /> <br />,ORDINANCE..: "AN ORDINANCE TO QUITCLAIM NATURAL <br />GAS LINES LOCATED IN CERTAIN ROADWAYS IN STILL MEADOW <br />SUBDIVISION IN ALBEMARLE COUNTY TO THE VIRCrtNIA <br />DEPARTMENT OF TRANSPORTATION" (2~rv reading) <br /> <br />f. RESOLUTION: <br /> <br />Deferred Compevaation Plan <br /> <br /> WHEREAS, Section 19-94 of the Charlottesville City Code permits the <br />establishment of a deferred compensation plan approved by the Internal Revenue Service <br />to provide for a m-sheltered retirement system for professional governmental <br />employees. Section 19-94 also permits the establishment of such a plan for the City <br /> <br /> WltEREAS, in order to implement the provisions of Section t9-94 in a manner <br />most beneficial to the employees, counsel for the City has presented to Coune~ (I) The <br />Optional Retirement Plan for the City of Charlottesville for Section I9-94 Employees, (2) <br />The Optional Retirement Plan for the City of Charlottesville for its City Manager, and 3) <br />the Master Trust for the Defined Contr~ution Plans of the City of Charlottesville,, which <br />are intended to qualify for favorable tax treatment under Section 40t(a) of the tntemal <br />Revenue Code. <br /> <br /> NOW THEREFORE BE IT RESOLVED that said Plans and Trust are hereby <br />adopted effective December 1, 1999. The Plans and Trust supercede any prior deferred <br />co--ion plan established or main*mined for the Section 19-94 employees and the <br />city manager. No further contributions w'flt be made by the City to the prior plans. <br /> <br /> BE IT FURTHER RESOLVED that the Retiremem Plan Commission is <br />appointed Plan Administrator for such Plans with the authority to carry out the duties <br />described in the Plan documents including the authority to amend the Plans consistent <br />with the Section 19-94 of the City Code. <br /> <br /> BE IT FURTHER RESOLVED that the Retirement Plan Commission is <br />appointed Trustee for the Master Trust with the authority to carry out the duties described <br />in the Trust documem. <br /> <br />BE IT FUROR RESOLVED that an Assistant City Manager having <br />authorization to execute contracts on behalf of the City is ~hereby directed to execute said <br />Plans and Trust on behalf of the City and to take all necessary and appropriate actions as <br /> <br /> <br />