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FLORIDA MUNICIPAL PENSION TRUST FUND
<br /> MASTER TRUST AGREEMENT
<br /> As Amended and Restated June 1, 2006
<br /> THIS AGREEMENT made effective as of June 1 , 2006, amends and restates the
<br /> Agreement dated as of December 16 , 1983 , and previously amended as of November 29 , 2001
<br /> ("Agreement") , by and between all of the parties who are now or may hereafter become
<br /> Participating Employers in the Florida Municipal Pension Trust Fund and the individuals named
<br /> as Master Trustees pursuant to Section 109 hereof and their successors (such individuals
<br /> collectively referred to as the "Master Trustees") .
<br /> WITNESSETH :
<br /> WHEREAS , the Florida Constitution, Article VIII, Section 2(b) , provides, in part, that
<br /> municipalities shall have governmental , corporate and proprietary powers to enable them to
<br /> conduct municipal government, perform municipal functions and render municipal services, and
<br /> may exercise any power for municipal purposes except as otherwise provided by law, and
<br /> WHEREAS , Section 166 . 021 , Florida Statutes, provides, in part, that municipalities shall
<br /> have the governmental , corporate and proprietary powers to enable them to conduct municipal
<br /> government, perform municipal functions, and render municipal services, and may exercise any
<br /> power for municipal purposes, except when expressly prohibited by law, and further defines a
<br /> municipal purpose to mean any activity or power which may be exercised by the State or its
<br /> political subdivisions, and
<br /> WHEREAS , in Greene v . Gray , 87 So . 2d 504 (Fla . 1956) , the Florida Supreme Court
<br /> held public pension plans serve a public purpose , and
<br /> WHEREAS , Section 163 . 01 , Florida Statutes, provides that a public agency of the State
<br /> may exercise jointly with any other public agency of the State any power, privilege or authority
<br /> which such agencies share in common , for the purpose of permitting local governmental units to
<br /> make the most efficient use of their powers by enabling them to cooperate with other localities
<br /> on a basis of mutual advantage, and
<br /> WHEREAS , the initial Master Trustees established the Master Trust Fund for the purpose
<br /> of receiving, holding, investing, reinvesting, managing, administering and distributing the assets
<br /> of employee benefit plans maintained by Participating Employers for the exclusive benefit of
<br /> eligible employees and their beneficiaries, including , without limitation , contributions by
<br /> Participating Employers to such plans, and
<br /> WHEREAS , the Participating Employers with a defined benefit pension plan or plans
<br /> will execute a covenant or agreement whereby each Participating Employer will covenant and
<br /> agree that they will deposit their required plan contributions in the Master Trust Fund , based
<br /> upon appropriate actuarial analysis of benefits or applicable agreement, and out of which lawful
<br /> and proper claims are to be paid , that there will be no disbursements out of the Master Trust
<br /> Fund by way of dividends or distribution of accumulated reserves to the respective Participating
<br /> MADI 625405.4
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