Title
A Resolution Authorizing the Sale of Pension Obligation Bonds to Refinance Outstanding Side Fund Obligations of the City to the California Public Employees' Retirement System, Approving the Final Form of Related Financing Documents and Approving Official Actions
Body
WHEREAS, the City of San Leandro (the “City”) is a contracting member of the California Public Employees’ Retirement System (“PERS”), and under its contract with PERS the City is obligated to make certain payments to PERS in respect of retired public safety employees under the Side Fund program of PERS which amortizes such obligations over a fixed period of time (the “PERS Side Fund Obligations”); and
WHEREAS, the City is authorized under the provisions of Articles 10 and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code, commencing with Section 53570 of said Code (the “Bond Law”), to issue its bonds for the purpose of refunding certain outstanding obligations of the City, including the PERS Side Fund Obligations; and
WHEREAS, on September 19, 2011, the City Council adopted its resolution (the "Authorizing Resolution") authorizing the issuance of bonds under the Bond Law (the "Bonds"), to be payable from the General Fund of the City, the proceeds of which will be applied to pay the PERS Side Fund Obligations, thereby refunding the PERS Side Fund Obligations; and
WHEREAS, the issuance of the Bonds has been validated by judgment of the Alameda County Superior Court; and
WHEREAS, in accordance with Section 6 of the Authorizing Resolution the City Council wishes at this time to approve the final form of the documents relating to the issuance and sale of the Bonds, and to approve official actions relating to the closing of the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San Leandro as follows:
Section 1. Approval of Bond Indenture. The City Council hereby approves the issuance of the Bonds under the Authorizing Resolution and ...
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