(A) Subject to the limitations of this chapter, the parties hereby contemplate that new employment benefit decisions may be made by the city, which continue or modify the provisions of the trust. The trust shall continue during such period of time as may be necessary to carry out the provisions of any ordinance requiring payment to the trust and the fact that such employment benefit decisions are not extended shall not by itself terminate this trust, which shall continue for a period of time sufficient to wind up the affairs of the trust.
(B) Provided there are no longer any participants eligible for benefits from the trust, the trust may be terminated at any time by the trustees by the execution of an instrument in writing, so long as the termination is not inconsistent with any then-existing ordinance. It shall not be necessary for the city to execute such an agreement for the trust to terminate.
(C) The trust shall terminate in any case upon the death of the last survivor of such persons who are living at the time of its creation or entitled to receive benefits hereunder, unless, without the benefit of this provision, the trust does not violate the rule against perpetuities; in which case, this trust may continue in perpetuity, unless otherwise terminated.
(D) If the trust shall terminate, the trustees shall forthwith notify any insurance carrier or carriers then providing insurance to participants in the trust.
(E) In the event of the termination of the trust, the remaining funds available after providing for all the outstanding obligations shall be used in a manner as will, in the opinion of the trustees, best effectuate the purposes of the trust, including, but not limited to, the purchase of insurance benefits.
(Ord. 08-03, passed 9-4-2008)