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RESOLUTION NO. 2008-163 (t) "Obligations" shall mean those Administrative Expenses of the Trust and the cost of the ARC that are allocated to such valuation year by the Actuarial Cost Method used for the Trust. (u) "Other Post -Retirement Benefits," "OPEB" or 'Post -Retirement Health Care Benefits" means those benefits as addressed by GASB 43 and GASB 45, or any subsequent GASB statement that may be applicable to the Trust. (v) 'Plan" shall mean such defined benefit employee benefit plan or plans, that may be amended from time to time, for which Benefits are funded in whole or in part by the County under the Trust established hereunder. (w) "Trust' shall mean the Indian River County OPEB Trust created and set forth herein. (x) "Trust Administrator" shall mean the group known as the "OPEB Trust Board" that administers the day-to-day operation and management of the Trust. Pursuant to Section 2.06 hereof, the OPEB Trust Board has been created and appointed as the Trust Administrator. (y) "Trustee" shall mean the Indian River County Board of County Commissioners acting as the County OPEB Board of Trustees. (z) "Unfunded Actuarial Accrued Liability" shall mean for any Actuarial Valuation, the excess of the Actuarial Accrued Liability over the actuarial value of the assets of the Trust under an Actuarial Cost Method used by the Trust for funding purposes. ARTICLE II ESTABLISHMENT OF TRUST SECTION 2.01. Creation of Trust; Purpose. (a) The County OPEB Trust is hereby created for the sole purpose of providing funding for, and payment of, Benefits to Beneficiaries. The provision of Benefits to Beneficiaries constitutes an essential governmental function within the meaning of Section 115(1) of the Internal Revenue Code. The Trust is created as an irrevocable trust and in no event shall any part of the principal or income of the Trust be paid or revert to the County for any purpose whatsoever other than to pay or to provide reimbursement for eligible Benefit expenditures for the exclusive benefit of Beneficiaries, including Administrative Expenses. The Trust is created pursuant to the authority of Florida Statutes section 125.01 and other applicable law and shall constitute a governmental trust pursuant to Section 115 of the Code. The Trust may consist of the contributions from the County, all investments made or held under the Trust, and all income therefrom, both received and accrued, and any other property, that may be received or held by reason of the Trust. It is intended that the Trust shall be tax-exempt 4