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Item 40 - Refinancing City’s Pension Obligations with California Public Employees Retirement System
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08/17/2021 Regular
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Item 40 - Refinancing City’s Pension Obligations with California Public Employees Retirement System
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8/17/2023 4:15:55 PM
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City Clerk
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Agenda Packet
Agency
Clerk of the Council
Item #
40
Date
8/17/2021
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Resolution No. 2021-XXX <br />Page 3 of 4 <br /> <br /> <br />meaning of Rule 15c2-12 (except for the omission of certain final pricing, rating and related <br />information as permitted by Rule 15c2-12). The Authorized Officers are each hereby <br />authorized and directed to furnish, or cause to be furnished, to prospective bidders for the <br />Bonds the Preliminary Official Statement. <br />Section 4. The preparation and delivery of an Official Statement (the “Off icial <br />Statement”), and its use in connection with the offering and sale of the Bonds, is hereby <br />authorized and approved. The Official Statement shall be in substantially the form of the <br />Preliminary Official Statement, with such changes, insertions and omi ssions as may be <br />approved by an Authorized Officer (including changes to reflect the entry into of a municipal <br />bond insurance policy and/or debt service reserve surety policy, as approved pursuant to the <br />Prior Resolution), such approval to be conclusively evidenced by the execution and delivery <br />thereof. The Authorized Officers are each hereby authorized and directed, for and in the <br />name of and on behalf of the City, to execute the final Official Statement and any amendment <br />or supplement thereto for and in the name and on behalf of the City. <br />Section 5. The form of Continuing Disclosure Certificate presented at this meeting <br />is hereby approved, and the Authorized Officers are each hereby authorized and directed, for <br />and in the name and on behalf of the City, to execute and deliver the Continuing Disclosure <br />Certificate in substantially said form, with such changes, insertions and omissions therein as <br />the Authorized Officer executing the same may require or approve, such approval to be <br />conclusively evidenced to the execution and delivery thereof. <br />Section 6. U.S. Bank National Association is hereby appointed to act as trustee <br />under the Trust Agreement. <br />Section 7. The Authorized Officers are, and each of them hereby is, authorized <br />and directed to execute and deliver any and all documents and instruments and to do and <br />cause to be done any and all acts and things necessary or proper for carrying out the <br />transactions contemplated hereby, including, but not limited to, the execution and delivery of <br />any documents required by PERS in order to complete the issuance of the Bonds and the <br />refunding of the Unfunded Liability. <br />Section 8. All actions heretofore taken by the Authorized Officers and by any other <br />officers, employees or agents of the City with respect to the issuance of the Bonds, or in <br />connection with or related to any of the agreements or documents referenced herein, are <br />hereby approved, confirmed and ratified. <br /> Section 9. The City Clerk shall attest and certify to the passage and adoption of <br />this Resolution, and it shall become effective immediately upon its approval. <br />ADOPTED this _____ day of ____________, 2021. <br /> <br /> <br /> <br />________________________________ <br />Vicente Sarmiento <br />Mayor
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