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RESOLUTION NO. 11-455 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON <br /> AUTHORIZING THE PAY-OFF OF THE SIDE FUND LOAN FOR THE DEFINED <br /> BENEFIT PLAN FOR THE POLICE GROUP FROM THE NON-FIRE RETIREE <br /> MEDICAL RESERVE FUNDS <br /> WHEREAS, the State required that due to the small size of the City's Defined Benefit <br /> Plan for Police employees that the City's Plan had to join a risk-sharing pool with other agencies <br /> in the State with similar benefit packages where a Side Fund Loan was made to the City to <br /> account for the difference between the funded status of this City Plan and the funded status of <br /> the risk pool; and <br /> WHEREAS, while this Side Fund Loan has about ten years remaining in its twenty year <br /> term, the City can achieve significant savings in interest payments if the City uses other <br /> available funds to pay off this Side Fund Loan. <br /> NOW, THEREFORE BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF <br /> PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: <br /> SECTION 1. The City Council authorizes the City Manager and Finance Director to <br /> take all steps necessary to prepay and pay-off the Side Fund Loan for the City's Defined Benefit <br /> Plan for Police employees with the California Public Employees Retirement Fund by using funds <br /> available from the City's Non-Fire Retiree Medical Reserve funds; and reflect resulting <br /> interest savings in the Two Year Budget. <br /> SECTION 2. City Clerk shall certify to the passage of this resolution and enter it into <br /> the book of original resolutions. <br /> PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at <br /> a regular meeting held on June 7, 2011. <br /> I, Karen Diaz, City Clerk of the City of Pleasanton, California, certify that the foregoing <br /> resolution was adopted by the City Council at a regular meeting held on the 7th day of June, <br /> 2011, by the following vote: <br /> Ayes: Councilmembers Cook-Kallio, Sullivan, Thorne, Mayor Hosterman <br /> Noes: None <br /> Absent: Councilmember McGovern <br /> Abstain: None <br /> are' Diaz, City`Cler <br /> APPROVED AS TO FORM: <br /> Lowell, City Attorney <br />