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10B Action 2011 1219
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10B Action 2011 1219
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Last modified
12/23/2011 9:37:45 AM
Creation date
12/13/2011 6:27:18 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
12/19/2011
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_CC Agenda 2011 1219
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2011\Packet 2011 1219
Reso 2011-210
(Reference)
Path:
\City Clerk\City Council\Resolutions\2011
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Sx <br />i! <br />A' City of San Leandro <br />Meeting Date: December 19, 2011 <br />00 11 . Staff Report <br />File Number: 11 -432 Agenda Section: ACTION ITEMS <br />Agenda Number: <br />TO: City Council <br />FROM: Lianne Marshall <br />Interim City Manager /Executive Director <br />BY: James O'Leary <br />Interim Finance Director <br />FINANCE REVIEW: James O'Leary <br />Interim Finance Director <br />TITLE: ADOPT: Resolution Authorizing the Sale of Pension Obligation Bonds to <br />Refinance Outstanding Side Fund Obligations of the City to the California <br />Public Employees' Retirement System, Approving the Final Form of Related <br />Financing Documents and Approving Official Actions (authorizes the sale of <br />bonds to pay off the side fund debt to CalPERS and create new debt at a lower <br />interest rate) <br />A Resolution Authorizing the Sale of Pension Obligation Bonds to Refinance Outstanding <br />Side Fund Obligations of the City to the California Public Employees' Retirement System, <br />Approving the Final Form of Related Financing Documents and Approving Official Actions <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 PERS <br />the City is obligated to make certain payments to PERS in respect of retired public safety <br />employees under the Side Fund program of PERS which amortizes such obligations over a <br />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, commencing <br />with Section 53570 of said Code (the "Bond Law "), to issue its bonds for the purpose of <br />refunding certain outstanding obligations of the City, including the PERS Side Fund <br />Obligations; and <br />WHEREAS, on September 19, 2011, the City Council adopted its resolution (the <br />"Authorizing Resolution ") authorizing the issuance of bonds under the Bond Law (the <br />"Bonds "), to be payable from the General Fund of the City, the proceeds of which will be <br />applied to pay the PERS Side Fund Obligations, thereby refunding the PERS Side Fund <br />Obligations; and <br />City of San Leandro Page 1 Printed on 12/13/2011 <br />
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