RES 2024025 - Laserfiche WebLink

17 THE AUTHORITY AND THE CITY The Authority The Authority was created as of June 29, 1993, by the City and the City of Pleasanton Housing Authority of the City of Pleasanton under a Joint Exercise of Powers Agreement, for the purpose, among others, of having the Authority issue its bonds to finance the acquisition, construction and improvement of certain public capital improvements in the City. The members of the City Council serve as the governing board of the Authority, and certain City staff serve as the officers of the Authority. The Joint Exercise of Powers Agreement was entered into under Article 1 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California. The Authority is a separate entity constituting a public instrumentality of the State of California. The City Pleasanton’s inception can be traced back to the 1850’s as a stagecoach stop along the main route to the gold fields. The City was incorporated in 1894, and in the twentieth century it grew into a thriving agricultural center with the production of grain, hay, and hops. The City is approximately 24 square miles and is located in southeastern Alameda County at the junction of Interstate 580 and Interstate 680. The City is a general law city located in the County of Alameda (the “County”). For background, demographic and economic information regarding the City and the County, see APPENDIX D. City Pension Plans and OPEB This section contains certain information relating to California Public Employees’ Retirement System (“CalPERS”). The information is primarily derived from information produced by CalPERS, its independent accountants and actuaries. The City has not independently verified the information provided by CalPERS and makes no representations and expresses no opinion as to the accuracy of the information provided by CalPERS. The comprehensive annual financial reports of CalPERS are available on its Internet website at www.calpers.ca.gov. The CalPERS website also contains CalPERS’ most recent actuarial valuation reports and other information concerning benefits and other matters. Such information is not incorporated by reference in this Official Statement. None of the Authority, City or Underwriter can guarantee the accuracy of such information. Actuarial assessments are “forward-looking” statements that reflect the judgment of the fiduciaries of the pension plans, and are based upon a variety of assumptions, one or more of which may not materialize or may be changed in the future. Actuarial assessments will change with the future experience of the pension plans. Plan Descriptions. All qualified permanent employees are eligible to participate in the City’s separate Safety (Police) (“Safety Police”) cost-sharing plan, Safety (Fire) (“Safety Fire”) agent multiple-employer defined benefit pension plan, and Miscellaneous (all other) (“Miscellaneous”) agent multiple-employer defined benefit pension plan that are administered by CalPERS.