RES 09293 - Laserfiche WebLink

contributions to the trust will be irrevocable, and assets under the Trust may not be diverted for any purpose other than funding the City's OPEB liability, unless and until all liabilities associated with those benefits are satisfied; and all Trust assets will be irrevocably dedicated to, and will be used for the exclusive purpose of, providing for payments of OPEBs and for paying expenses of administering the Trust, and will not be available to any of the City's creditors. SECTION 2. That the City Council hereby appoints the Director of Finance as the Trust's trustee under the oversight of the City Manager, and will serve in that capacity in accordance with the terms of the Trust until removed or replaced by the City Manager. SECTION 3. That the Director of Finance is hereby authorized and directed to transfer, as soon as administratively practicable after the City's execution of the Trust, an amount not to exceed $7.7 million from the City's Internal Service Funds to the Trust. SECTION 4. That the Director of Finance is authorized and directed, for and on the City's behalf, to take such further action and execute such additional documents as the Director of Finance deems necessary or appropriate to carry out the foregoing resolutions. SECTION 5. 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 19, 2009. 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 19 day of May, 2009, by the following vote: Ayes: Councilmembers Cook- Kallio, McGovern, Sullivan, Mayor Hosterman Noes: None Absent: Councilmember Thorne Abstain: None Caren Diaz, City Clerk APPROVED AS TO FORM: 7 (C4t ?L (VA Michael H. Roush, City Attorney