HomeMy WebLinkAboutRes 35-89 08/01/1989
RESOLUTION NO.
35-89
A RESOLUTION AUTHORIZING RETURN OF ANY
EXCESS FUNDS IN THE PAUL WATKINS SPECIAL ACCOUNT
TO THE MOUNT PROSPECT FIREMEN'S PENSION FUND
WHEREAS, on December 8, 1971, the Village of Mount Prospect
entered into an agreed o:t'der, In the Matter of a Petition to
Annex Te~itory to the Village of Mount Prospect, Illinois, No.
n CO 0526, then pending in the CircuIt Court of Cook County,
Illinois, County Department, County Division, providing for the
annexation of the territory of the Forest River Fire protection
District ("Ci6trict") to the Village of Mount Prospect ("agreed
order")i and
WHEREAS, the agreed order also provided that Paul Watkins, one of
the firefighters in the District, as well as two other
firefighters in the District, would be accepted into the Mount
Prospect Firemen's Pension Fund and that their accrued benefits,
rights, and future expectancies would be preserved; and
WHEREAS, the President and Board of Trustees of the Village of
Mount Prospect on April 18, 1978, adopted Ordinance ~o. 2783
which established a plan of deferred compensation for Paul
Watkins, among others, and pursua~t to that Ordinance the Village
of Mount Prospect on April 29, 1978, entered into an Agreement
For A Plan of Deferred Compensation with Paul Watkins' I.Watkins
Agreement"); and
WHEREAS, Ordinance No. 2783 and the Watkins Agreement provide
that the Treasurer of the Village of Mount Prospect shall oversee
the plan and make payments thereunder to the Paul Watkins Special
Account¡ and
WHEREAS, upon the deaths of the beneficiaries of the Paul Watkins
Special Account, there may be funds remaining in said account,
and the Presiden-ê and Board of Trustees of the Village of Mount"
Prospect, Illinois, find and believe it to be in the best
interest of said village that those excess funds be transferred
to the Mount Prospect Firemenls Pension Fund for the benefit of
all participants in that Fund.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF
TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: Upon. the deaths of the beneficiaries of the SpeCial
Account set up for Paul WatJd,ns, the village Treasurer shall
determine what funds, if any, remain. '
SECTION TWO: The. excess funds in the Paul Watkins Special
Account which remain after the deaths of the account's
beneficiaries shall be transferred by the Village Treasurer to
the Mount Prospect Firemen1s Pension Fund for the benefit of all
participants in that Fund.
SECTION THREE: This Resolution shall be in full force and effect
frOm and after its passage, and apptoval in tne manne~ provided
by law.
AYES:
Arthur, Busse, Corcoran, Floros, ~attenberg
NAYS:
None
ABSENT:Van Geem
PASSED and APPROVED this
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