2008-163 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 2008-163 (f) Execution of Instruments. The Chairman of the Board of County Commissioners, on behalf of the Trustee, shall execute and deliver any and all documents of transfer and conveyance and any and all other instruments that may be necessary or appropriate to carry out the powers herein granted, and to perform any and all acts that may be necessary or convenient in the proper administration of the Trust. The Trustee shall complete and provide to Beneficiaries and to the appropriate governmental agencies any reports as may be required by the Code, applicable federal, state, or local law. (g) Necessary Acts. The Trustee shall do all acts whether or not expressly authorized that may be necessary or proper for the protection of the property held hereunder or for the carrying out of any duty under this Resolution. (h) Holding of Trust Assets. All the assets in the Trust shall be held collectively for the benefit of all the Beneficiaries with no physical division thereof until such time as distribution is actually made by the Trustee. (i) Disbursements. The Trustee shall have the power to make disbursements for the payment of Benefits under the Plan and for the payment of Administrative Expenses. 0) Retention of Disputed Funds, The Trustee shall have the power to retain any funds or property subject to dispute without liability for the payment of interest; and to decline to make payment or delivery of the funds or property until final adjudication is made by a court of competent jurisdiction. SECTION 3.04. No Bond Required. Neither the Trustee nor any of its members, nor any member of the OPEB Trust Board as Trust Administrator shall be required to furnish any bond or other security for the faithful performance of its respective duties hereunder. SECTION 3.05. Accounts. The Trustee shall keep accurate and detailed accounts of all investments, receipts and disbursements and other transactions hereunder, and all accounts, books and records relating thereto shall be open to inspection by any person designated by the County at all reasonable times. Not later than one hundred twenty (120) days after the end of each fiscal year of the Trust, excluding Fiscal year 2007-2008, the OPEB Trust Board as Trust Administrator shall file with the Trustees a written report setting forth all investments, receipts, disbursements, and other transactions effected by the Trustee from the date of the prior such report to the close of such fiscal year. Such report shall contain an exact description and market value of all securities and investments held at the close of such fiscal year and the cost of each item thereof, as carried on the books of the Trustee. The financial records of the Trust shall be subject to the annual audit of the County as required by Florida law.