The proper municipal officers are hereby authorized to execute and deliver
the following documents: The Municipal Risk Management Workmen's Compensation
Pooled Trust Agreement (hereafter the "agreement"); and the participant application,
Which documents are attached hereto and made a part hereof and which may be
inspected by any interested citizen at the office of the Municipal Secretary.
The duration of the term of the agreement is four years from the date
of admission to the trust as a participant.
The purpose and objectives of the agreement are set forth in Article
V of the agreement.
The powers and scope of authority delegated are set forth in Article
II, Article V, Article VI, Article VIII and Article IX of the agreement.
The funds for meeting the obligations of the political subdivision under
the agreement shall be appropriated from the general funds of the political
subdivision.
The organizational structure necessary to implement the agreement consists
of the trust, trustees, service agents and fiscal agents created by the agreement.
Property acquired for purposes of the trust shall be acquired, managed
and disposed of under the terms of the attached trust agreement.
The trust shall be empowered to enter into contracts for policies of
group insurance and employee benefits, including social security for its employees.