8D Consent 2011 0919 - Laserfiche WebLink

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INDENTURE OF TRUST This INDENTURE OF TRUST (this "Indenture ") dated as of 1, 2012, is between the CITY OF SAN LEANDRO, a charter city and municipal corporation duly organized and existing under the Constitution and laws of the State of California (the "City "), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, as trustee (the "Trustee "). BACKGROUND: 1. The City has previously elected to become a contracting member of the California Public Employees' Retirement System ( "PERS "), and under its contract with PERS the City is obligated to make certain payments to PERS in respect of retired public safety employees under the Side Fund program of PERS which amortizes such obligations over a fixed period of time (the "PERS Side Fund Obligations "). 2. The City is authorized under the provisions of Articles 10 and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code, commencing with Section 53570 of said Code (the "Bond Law "), to issue its bonds for the purpose of refunding certain outstanding indebtedness of the City, including the PERS Side Fund Obligations. 3. In order to refund the PERS Side Fund Obligations and thereby realize substantial cash flow savings in the current and immediately succeeding fiscal years, and to accomplish a more prudent amortization of its unfunded actuarial accrued liability in respect of the PERS Side Fund Obligations, the City has determined to issue its $ aggregate principal amount of City of San Leandro 2012 Taxable Pension Obligation Bonds (the "Bonds ") under the Bond Law and this Indenture, and under a Resolution adopted by the City Council of the City on September 19, 2011 and a Resolution adopted by the City Council on , _, 201_. 4. The principal of and interest on the Bonds are payable from any source of legally available funds of the City, including amounts on deposit in the General Fund of the City. 5. The Bonds have been determined to be legal, valid and binding obligations of the City by judgment of the Alameda County Superior Court rendered on _, 201_ in City of San Leandro v. All Persons Interested, etc., Case No. 6 The City has determined that all acts and proceedings required by law necessary to make the Bonds, when executed by the City, authenticated and delivered by the Trustee and duly issued, valid, binding and legal limited obligations of the City, and to constitute this Indenture a valid and binding agreement for the uses and purposes herein set forth in accordance with its terms, have been done or taken.