Reso 2021-087 Investment Guidelines Post Employment Benefits Trust

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RESOLUTION THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 202I -087 RESOLUTION OF THE CITY OF SAN LEANDRO CITY COUNCIL ADOPTING THE INVESTMENT GUIDELINES FOR THE CITY'S SECTION 115 PENSION TRUST, AUTHORIZING THE TRANSFER OF $750,000 TO PARS TO ESTABLISH THE PENSION TRUST, AND APPROPRIATING THE $750,000 OPEB ALLOCATION IN THE SELF INSURANCE FUND (FUND 689) FROM FISCAL YEAR 2020-2021 TO THE FISCAL YEAR 2021-2022 BUDGET WHEREAS, the City of San Leandro (the "City") is currently participating in the Public Agencies Post -Retirement Health Care Plan Trust for the pre -funding of its retiree health benefits and other post -employment benefits other than pension benefits ("OPEB"); and WHEREAS, the City desires to set aside funds for the purpose of pre -funding its CalPERS pension obligation that will be held in trust for the exclusive purpose of making future contributions of the City's required pension contributions and any employer contributions in excess of such required contributions at the discretion of the City; and WHEREAS, PARS has made available the Public Agencies Post -Employment Benefits Trust (the "Program") for the purpose of pre -funding both pension obligations and/or OPEB obligations as specified in the City's plans, policies and/or applicable collective bargaining agreements; and WHEREAS, the City is eligible to participate in the Program, a tax-exempt trust performing an essential governmental function within the meaning of Section 115 of the Internal Revenue Code, as amended, and the Regulations issued there under, and is a tax-exempt trust under the relevant statutory provisions of the State of California. NOW, THEREFORE, the City of San Leandro City Council RESOLVES as follows: 1. The City Council hereby adopts the Investment Guidelines for the City's Section 115 Pension Trust; and 2. The City Council hereby authorizes the transfer of $750,000 to PARS to establish the pension trust; and 3. The City Council hereby appropriates the $750,000 OPEB allocation in the Self Insurance Fund (Fund 689) from Fiscal Year 2020-2021 to the Fiscal Year 2021-2022 Budget.