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File Number: 11 -430 <br />Obligation Bonds and Filing the Required Validation Actions to Refund the Outstanding <br />Side Fund Obligations of the City to the California Public Employees Retirement System. <br />• The October 21, 2011 Finance Committee highlights were submitted and approved on <br />November 7, 2011 by City Council directing an inter -fund loan and authorized staff the <br />expenditure of $6,000,000 to pay -down the CalPERS Public Safety Side Fund obligation. <br />• On December 2, 2011 Finance Committee recommended that staff take report to City <br />Council for approval. <br />Fiscal Impacts <br />The City's actuary and underwriter have estimated that the City's pension obligation bonds, <br />together with the Water Pollution Control Plant Fund loan, will save the General Fund <br />between $250,000 and $500,000 annually. <br />Budget Authority <br />The bond principal and interest will be paid from the General Fund debt service account. A <br />budget will be established in 2012 -13 for the initial debt service payment. <br />ATTACHMENTS <br />• Indenture of Trust <br />Bond Purchase Agreement <br />City of San Leandro 2012 Taxable Pension Obligation Bonds <br />PREPARED BY: James H. O'Leary, Interim Finance Director, Finance Department <br />City of San Leandro Page 4 Printed on 12/13/2011 <br />