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City of Pleasanton
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2009
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051909
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5/14/2009 2:48:15 PM
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CITY CLERK
CITY CLERK - TYPE
STAFF REPORTS
DOCUMENT DATE
5/19/2009
DESTRUCT DATE
15 Y
DOCUMENT NO
14
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contributions to the trust will be irrevocable, and assets under the Trust may not <br />be diverted for any purpose other than funding the City's OPEB liability, unless <br />and until all liabilities associated with those benefits are satisfied; and <br />all Trust assets will be irrevocably dedicated to, and will be used for the exclusive <br />purpose of, providing for payments of OPEBs and for paying expenses of <br />administering the Trust, and will not be available to any of the City's creditors. <br />SECTION 2. That the City Council hereby appoints the Director of Finance as the <br />Trust's trustee under the oversight of the City Manager, and will serve in that capacity in <br />accordance with the terms of the Trust until removed or replaced by the City Manager. <br />SECTION 3. That the Director of Finance is hereby authorized and directed to transfer, <br />as soon as administratively practicable after the City's execution of the Trust, an amount not to <br />exceed $7.7 million from the City's Internal Service Funds to the Trust. <br />SECTION 4. That the Director of Finance is authorized and directed, for and on the <br />City's behalf, to take such further action and execute such additional documents as the Director <br />of Finance deems necessary or appropriate to carry out the foregoing resolutions. <br />SECTION 5. City Clerk shall certify to the passage of this resolution and enter it into the <br />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 May 19, 2009. <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 19 day of May, <br />2009, by the following vote: <br />Ayes: <br />Noes: <br />Absent: <br />Abstain: <br />APPROVED AS TO FORM: <br />Michael H. Roush, City Attorney <br />Karen Diaz, City Clerk <br />
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