07/26/2005 Resolutions 2005-213
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RESOLUTION 2005-213
WHEREAS, the City of Grand Island maintains the City of Grand Island, Nebraska
Firefighters' Retirement System Plan and Trust with respect to which Wells Fargo Bank, N.A. acts as
a directed, nondiscretionary trustee (the "Plan"); and
WHEREAS, under the terms ofthe Plan, the participants may direct the investment of
all or part of their individual account balances among the investment options available in the Plan;
and
WHEREAS, the City of Grand Island desires to introduce a program in the Plan that
allows participants to enter into separate arrangements with Wells Fargo Bank, N.A. to manage the
allocation oftheir account balances among the investment options available in the Plan, based on the
individual investment profile of each participant and generally accepted investment theories that take
into account the historic returns of different asset classes (such as equities, bonds or cash) over
defined periods of time ("Wells Fargo Managed Accounts").
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that effective as of August 8, 2005, the City of
Grand Island implement the Wells Fargo Managed Accounts program as a feature ofthe Plan and
allow each participant, in connection with the participant's authority to direct the investment of all or
part of his or her own account, to enter into an arrangement with Wells Fargo Bank, N.A. whereby
Wells Fargo Bank, N.A. will manage the allocation of the participant's account balance among the
investment options available in the Plan.
BE IT FURTHER RESOLVED, that the Mayor ofthe City of Grand Island is hereby
authorized and directed to take all actions necessary and desirable to implement the Wells Fargo
Managed Accounts program into full force and effect, including execution of the Amendment of
Service Agreement to implement the Wells Fargo Managed Accounts program and to authorize the
payment of fees to Wells Fargo Bank, N.A. as disclosed in the Amendment of Service Agreement.
Adopted by the City Council of the City of Grand Island, Nebraska, July 26,2005.
Rcxn~ tQw~
RaNae Edwards, City Clerk
Approved as to Form l:t f) I( (..-1./
July 20. 2005 l:t City Attorney