ATTACHMENT 03 - Laserfiche WebLink

Attachment 1 RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON AUTHORIZING THE PAY-OFF OF THE SIDE FUND LOAN FOR THE DEFINED BENEFIT PLAN FOR THE POLICE GROUP FROM THE NON-FIRE RETIREE MEDICAL RESERVE FUNDS WHEREAS, the State required that due to the small size of the City's Defined Benefit Plan for Police employees that the City's Plan had to join a risk-sharing pool with other agencies in the State with similar benefit packages where a Side Fund Loan was made to the City to account for the difference between the funded status of this City Plan and the funded status of the risk pool; and WHEREAS, while this Side Fund Loan has about ten years remaining in its twenty year term, the City can achieve significant savings in interest payments if the City uses other available funds to pay off this Side Fund Loan. NOW, THEREFORE BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: SECTION 1. The City Council authorizes the City Manager and Finance Director to take all steps necessary to prepay and pay-off the Side Fund Loan for the City's Defined Benefit Plan for Police employees with the California Public Employees Retirement Fund by using funds available from the City's Non-Fire Retiree Medical Reserve funds; and reflect resulting interest savings in the Two Year Budget. SECTION 2. City Clerk shall certify to the passage of this resolution and enter it into the book of original resolutions. PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at a regular meeting held on May 17, 2011. I, Karen Diaz, City Clerk of the City of Pleasanton, California, certify that the foregoing resolution was adopted by the City Council at a regular meeting held on the 17th day of May, 2011, by the following vote: Ayes: Noes: Absent: Abstain: Karen Diaz, City Clerk APPROVED AS TO FORM: Jonathan Lowell, City Attorney