My WebLink
|
Help
|
About
|
Sign Out
Home
8D Consent 2011 0919
CityHall
>
City Clerk
>
City Council
>
Agenda Packets
>
2011
>
Packet 2011 0919
>
8D Consent 2011 0919
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
9/29/2011 5:14:40 PM
Creation date
9/13/2011 5:40:01 PM
Metadata
Fields
Template:
CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
9/19/2011
Retention
PERM
Document Relationships
_CC Agenda 2011 0919
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2011\Packet 2011 0919
Reso 2011-166
(Reference)
Path:
\City Clerk\City Council\Resolutions\2011
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
53
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
RESOLUTION NO. <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />LEANDRO AUTHORIZING THE ISSUANCE OF PENSION <br />OBLIGATION BONDS AND THE FILING OF A VALIDATION <br />ACTION TO REFUND THE OUTSTANDING SIDE FUND <br />OBLIGATIONS OF THE CITY TO THE CALIFORNIA PUBLIC <br />EMPLOYEES' RETIREMENT SYSTEM <br />WHEREAS, the City of San Leandro (the "City ") is a contracting member of the <br />California Public Employees' Retirement System ( "PERS "), and under its contract with <br />PERS the City is obligated to make certain payments to PERS in respect of retired <br />public safety employees under the Side Fund program of PERS which amortizes such <br />obligations over a fixed period of time (the "PERS Side Fund Obligations "); and <br />WHEREAS, the City is authorized under the provisions of Articles 10 and 11 of <br />Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code, <br />commencing with Section 53570 of said Code (the "Bond Law "), to issue its bonds for <br />the purpose of refunding certain outstanding obligations of the City, including the PERS <br />Side Fund Obligations; and <br />WHEREAS, in order to refund the PERS Side Fund Obligations and thereby <br />realize interest savings, the City proposes at this time to authorize the issuance of its <br />bonds under the Bond Law for the purpose of refunding the PERS Side Fund <br />Obligations in whole or in part; and <br />WHEREAS, the City Council wishes at this time to authorize the issuance of <br />such bonds and the institution of judicial proceedings to determine the validity thereof; <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San <br />Leandro as follows: <br />Section 1. Authorization of Bonds. The City Council hereby authorizes the <br />issuance of its bonds under the Bond Law in the aggregate principal amount of not to <br />exceed $26,000,000 (the "Bonds "). The proceeds of the Bonds shall be applied to <br />refund the unfunded accrued actuarial liability represented by the PERS Side Fund <br />Obligations, plus an amount required to pay all costs of issuing the Bonds (including <br />underwriter's discount and original issue discount, if any). <br />Section 2. Material Provisions of Bonds. The Bonds shall be issued under an <br />Indenture of Trust (the "Indenture ") between the City and U.S. Bank National <br />Association, or another trustee selected by the Finance Director of the City, as trustee <br />(the "Trustee "), in substantially the form on file with the City Clerk. The final form of the <br />Indenture shall be subject to approval by resolution of the City Council adopted following <br />the conclusion of proceedings described in Section 4. The Bonds shall be subject to the <br />following limitations: <br />(a) The Bonds shall mature over a term not exceeding the amortization <br />period that has been established by PERS for the PERS Side Fund <br />Obligations. <br />
The URL can be used to link to this page
Your browser does not support the video tag.