Title
Resolution of the City Council of the City of South San Francisco authorizing the issuance of bonds to refund and prepay certain Pension Obligations of the City; approving the Form and Authorizing the Execution of a Trust Agreement and Bond Purchase Agreement; authorizing Judicial Validation proceedings relating to the Issuance of such Bonds; and approving Additional Actions Related Thereto.
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WHEREAS, the City of South San Francisco (the "City") has previously adopted a retirement plan pursuant to the Public Employees' Retirement Law, commencing with Section 20000 of the Government Code of the State of California, as amended (the "Retirement Law") and elected to become a contracting member of the California Public Employees' Retirement System ("PERS"); and
WHEREAS, the Retirement Law and the contract (as amended, the "PERS Contract") effective September 1, 1945 between the Board of Administration of PERS and the City Council of the City (the "City Council") obligate the City to (i) make contributions to PERS to fund pension benefits for certain City employees, (ii) make payments towards the unfunded actuarial liability with respect to such pension benefits under the Retirement Law and the PERS Contract (the "Unfunded Liability"), and (iii) appropriate funds for the foregoing purposes; and
WHEREAS, the City desires to authorize the issuance of its City of South San Francisco Taxable Pension Obligation Bonds (the "Bonds") pursuant to the provisions of Articles 10 and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California, commencing with Section 53570 of said Code (the "Bond Law"), in a maximum principal amount not to exceed that required to refund the Unfunded Liability, to prepay all or a portion of the City's annual required retirement contribution that is due and payable to PERS within 18 months of the issuance of the Bonds (the "Current Obligation"), to pay capitalized interest on the Bonds and to...
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