Laserfiche WebLink
1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-44-07 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />PROVIDING FOR THE ISSUANCE OF ONE OR MORE SERIES OF CITY OF <br />COLTON TAXABLE PENSION OBLIGATION BONDS, AND APPROVING THE <br />FORMS OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN <br />INDENTURE RELATING THERETO, AND AUTHORIZING A VALIDATION <br />ACTION AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION <br />THEREWITH <br />WHEREAS, the City council of the City of Colton (the "City Council" and the "City", <br />respectively) adopted a retirement plan pursuant to the Public Employees' Retirement Law, <br />commencing at Section 20000 of the Government Code of the State of California, as amended <br />(the "PERS Law"); <br />WHEREAS, among other things, the PERS Law obligates the City (1) to amortize the <br />unfunded accrued actuarial liability to the California Public Employees' Retirement System <br />(including any successor system established by the State of California, (the "State Retirement <br />System"), with respect to pension benefits for its employees who are members thereof; and (2) <br />to make annual contributions to the State Retirement System to fund pension benefits for said <br />employees; <br />WHEREAS, the obligation of the City to pay its unfunded accrued actuarial liability to <br />the State Retirement System and its normal annual contribution to the State Retirement System <br />for its police, fire and miscellaneous pension plans (collectively, the "PERS Obligation") is <br />evidenced by a contract between the City and the State Retirement System, dated as of July 1, <br />1945, as amended thereafter from time to time (collectively, the "PERS Contract"); <br />WHEREAS, as of June 30, 2007, based upon the actuarial report of the State <br />Retirement System, the City will have an obligation of approximately $28,000,000 pursuant to <br />the PERS Law as an unfunded accrued actuarial liability of the State Retirement System; <br />WHEREAS, the City currently has a normal annual contribution obligation of <br />approximately $6,000,000; <br />RVPUB\FBAUM\729339.1 <br />1 <br />