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1988-002I0XII. (B) ORDINANCE NO. 88 -02 AN ORDINANCE ESTABLISHING DEFERRED COMPENSATION FOR THE VILLAGE MANAGER WHEREAS, Section 2.08.050 of the Municipal Code of the Village of Buffalo Grove requires that the Board of Trustees shall fix from time to time the com- pensation of the Village Manager by Ordinance or Resolution; and, WHEREAS, the Village Board has determined that a deferred compensation program for the Village Manager is appropriate, based on the Board's assess- meat of the Village Manager; and, WHEREAS, the Village Board is desirous of having the Village Manager utilize his vacation credits during the year earned to the greatest extent possible; and, WHEREAS, the Village Board has determined that it is beneficial to trans - fer accrued vacation credits to the Village Manager Deferred Compensation Account. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS that: 1. An amount equalling three percent (3i) of the Village Manager's annual salary in effect as of January 1, each year, shall be paid by the Village into the Village Manager's Deferred Compensation Account. The current authorized Buffalo Grove deferred compensation program is the ICMA- Retirement Corporation (ICMA -RC). 2. An amount equalling 155 hours at current salary rate in effect for the Village Manager on January 1, 1988 shall be paid by the Village to the Village Manager's Deferred Compensation Account on a one time basis. There shall also be a reduction in accrued but unused vacation credits for the Village Manager of 155 hours. 3. The deferred compensation program shall be effective January 1, 1988. 4. This Ordinance shall be in full force and effect upon passage. This Ordinance shall not be codified. -1- o • -2- AYES: 5 - Marienthal, Glover, Reid, Kowalski, Shifrin NAYES: 0 - None ABSENT: 1 - Shields PASSED: January 4, 1988 APPROVED: January 4, 1988 ATTEST: VillaW Clerk APPROVED• VERNA L. CLAYTON, Village resident VILLAGE OF BUFFALO GROVE ORDINANCE NO. �- ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GRRVE THIS -! DAY OF , 19 Published in pamphlet form by authority of the President and Board of Trustees of the Village of Buffalo Grove, Cook Lake Counties, Illinois, this day of 19 �j. Village Clerk / By Deputy Clerk ITEM XII. (B) ORDINANCE NO. 88 -02 AN ORDINANCE ESTABLISHING DEFERRED COMPENSATION FOR THE VILLAGE MANAGER WHEREAS, Section 2.08.050 of the Municipal Code of the Village of Buffalo Grove requires that the Board of Trustees shall fix from time to time the com- pensation of the Village Manager by Ordinance or Resolution; and, WHEREAS, the Village Board has determined that a deferred compensation program for the Village Manager is appropriate, based on the Board's assess- ment of the Village Manager; and, WHEREAS, the Village Board is desirous of having the Village Manager utilize his vacation credits during the year earned to the greatest extent possible; and, WHEREAS, the Village Board has determined that it is beneficial to trans- fer accrued vacation credits to the Village Manager Deferred Compensation Account. NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS that: 1. An amount equalling three percent (3a) of the Village Manager's annual salary in effect as of January 1, each year, shall be paid by the Village into the Village Manager's Deferred Compensation Account. The current authorized Buffalo Grove deferred compensation program is the ICMA- Retirement Corporation (ICMA -RC). 2. An amount equalling 155 hours at current salary rate in effect for the Village Manager on January 1, 1988 shall be paid by the Village to the Village Manager's Deferred Compensation Account on a one time basis. There shall also be a reduction in accrued but unused vacation credits for the Village Manager of 155 hours. 3. The deferred compensation program shall be effective January 1, 1988. 4. This Ordinance shall be in full force and effect upon passage. This Ordinance shall not be codified. 6C -2- AYES: 5 - Marienthal, Glover, Reid, Kowalski, Shifrin NAPES: 0 - None ABSENT: 1 - Shields PASSED: January 4, 1988 APPROVED: January 4, 1988 APPROVED VERNA L. CLAYTON, Village.,-President. ATTEST: Villa Clerk a -2- AYES: 5 - Marienthal, Glover, Reid, Kowalski, Shifrin NAPES: 0 - None ABSENT: 1 - Shields PASSED: January 4, 1988 APPROVED: January 4, 1988 APPROVED VERNA L. CLAYTON, Village.,-President. ATTEST: Villa Clerk