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File Number: 11 -428 <br />Fund, with an adjustable interest rate loan with an initial rate of 3 %, annually during the <br />amortization term of the loan; and <br />WHEREAS, the combination of refunding the pension side fund through the pension <br />obligation bond and the loan from the WPCP Fund will result in the overall greatest benefit <br />and savings to the General Fund; and <br />WHEREAS, on October 21, 2011, the City Council Finance Committee discussed, <br />and forwarded a recommendation to the City Council to direct the refinancing of the <br />CalPERS Public Safety Retirement Plan Side Fund. The Finance Committee further <br />recommended the pension obligation bond amount to approximately $20,000,000, with the <br />remainder of the obligation pay -down come from the Water Pollution Control Plant Fund <br />reserves. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San <br />Leandro as follows: <br />Approve the inter -fund loan from the Water Pollution Control Plant Fund to the <br />General Fund and appropriation of $6,000,000 to pay -down the CalPERS Public Safety Side <br />Fund with an adjustable interest rate loan, with an initial rate of 3 %. <br />City of San Leandro Page 2 Printed on 12/13/2011 <br />