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BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF OWASSO,
OKLAHOMA THAT:
SECTION ONE: The Defined Contribution Retirement Plan of the City of Owasso,
Oklahoma, is hereby amended to add a new section authorizing participant loans to read as
follows:
(c) Foreclosure of Loan Account. The Trustees may foreclose upon such
Participant's interest in his Account in the event of default under the loan made to the
Participant under this Section.
(e) Order of Application of Account Balances to Fund Loan. At the time a
Participant requests a loan pursuant to the provisions of this Section, such Participant
shall also specify in writing the order that the investment options in which his Account
are invested are to be applied to fund his loan after approval by the Committee.
(g) Loan Account. The words "Loan Account" shall mean a Participant's
separate Account established in the event he desires to make a loan from his applicable
Account as provided in this Section."
SECTION THREE: If any part, article, section, or subsection of this ordinance shall be
held invalid or unconstitutional for any reason, such holding shall not be construed to impair or
invalidate the remainder of this ordinance, notwithstanding such holding.
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Marci _Boutwell, City Clerk
The foregoing ordinance was introduced before the Owasso City Council on the 17th day
of September, 1996, and was duly adopted and approved by the Mayor and City Council of the
City of Owasso, Oklahoma, on the 17th day of September, 1996, after compliance with notice
requirements of the Open Meeting Law (25 OS, Section 301, et seq).
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arcikBoutwell, Cit; Clerk
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A- TE9T-
Marci _Boutwell, City Clerk
The foregoing ordinance was introduced before the Owasso City Council on the 17th day
of September, 1996, and was duly adopted and approved by the Mayor and City Council of the
City of Owasso, Oklahoma, on the 17th day of September, 1996, after compliance with notice
requirements of the Open Meeting Law (25 OS, Section 301, et seq).
I
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arcikBoutwell, Cit; Clerk
M1101� .1
Bill R. Retherford, of lawful age, being duly sworn
and authorized, says that he is the publisher of the
OWASSO REPORTER - a weekly
newspaper printed in the city of OWASSO
Tulsa County, Oklahoma, a newspaper qualified to
publish legal notices, advertisements and publications
as provided in Section 106 of Title 25, Oklahoma
Statutes 1971 and 1983 as amended, and thereafter,
and complies with all other requirements of the laws
or Oklahoma with reference to legal publications.
Published In the Owasso Reporter, Owasso, Tulsa County, Oklahoma,
September 26, 1996.
ORDINANCE NO. 530
CITY OF OWASSO, OKLAMOMA
AN ORDINANCE AMENDING THE DEFINED CONTRIBUTION
RETIREMENT PLAN OF THE CITY OF OWASSO, OKLAHOMA,
ADMINISTRATED BY THE OKLAHOMA PARTICIPANT LOANS;
PROVIDING GENERAL PROCEDURES FOR PARTICIPANT LOANS,
IMPOSING CONDITIONS AND RESTRICTIONS UPON PARTICI-
PANT LOANS; PROVIDING FOR ESTABLISHMENT OF LOAN
ACCOUNT, PROVIDING FOR FORECLOSURE AND RESTRIC-
TIONS; PROVIDING FOR ORDER OF APPLICATION OF ACCOUNT
BALANCES TO FUND LOANS; PROVIDING FOR ESTABLISHMENT
OF A LOAN PROGRAM; AND: PROVIDING FOR REPEALER AND
SEVERABILITY.
The foregoing was was Introduced before the Owasso City Council on
the 17th day of September, 19 96, and was duly adopted and approved by
the Mayor and City Council of the City of Owasso, Oklahoma, on the 17th
day of September, 1996, after compliance with notice requirements of the
Open Meeting Law (25 OS, Section 301, at seq).
IP
IV Danny EwIng
Danny Ewing, Mayor
(SEAL)
ATTEST*
/at Marcia Boutwell
Marcia Boutwell, City Clark
Approved as to form and legality on September 17, 1996.
191 Ronald D. Cates
Ronald D Cedes, City Attorney
4
TO HONORABLE MAYOR & CITY COUNCIL
CITY OF OWASSO
FROM: ALLAN E. HARDER
PERSONNEL OFFICEII
SUBJECT: AN ORDINANCE #530 MODIFYING THE DEFINED
CONTRIBUTION PLAN TO PERMIT PARTICIPANT LOAN]
WATE: September 6, 1996
In May 1996, the Council approved Resolution #96-07 approving a proposed amendment to
the Oklahoma Municipal Retirement Fund (OMRF) Trust Indenture by the Board of Trustees
of the OMRF. The proposed amendment authorizes employers to allow their participating
employees to make loans secured by the participant's non-forfeitable, accrued benefits under
the Employee's Defined Contribution System.
By amending the Plan, Employees of The City of Owasso will receive increased employee
benefits without cost to the City. To better understand the Loan Program, EXHIBIT A
(attached) outlines the parameters of the program.
Staff recommends approval of Ordinance #530, amending the Defined Contribution Plan,
authorizing participant loans.
ATTACHMENTS:
1. Loan Parameters
2. Ordinance #530