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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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<br />E-3 <br />4826-7904-2280v7/200434-0005 <br />(iii) The City’s Unfunded Actuarial Liability for the most recently completed Fiscal <br />Year; <br />(iv) The City’s Net Other Post-Employment Benefits Liability for the most recently <br />completed Fiscal Year; and <br />(v) The information in Tables 1, 7, 9, 10, 11, 12, 13, 14, 15 and 16 for the most <br />recently completed Fiscal Year or the current Fiscal Year, as applicable. <br />The items described above may be included by specific reference to other documents, including official <br />statements of debt issues of the City or related public entities, which have been submitted to EMMA; provided, that <br />if any document included by reference is a final official statement, it must be available from the Municipal Securities <br />Rulemaking Board; and provided further, that the City shall clearly identify each such document so included by <br />reference. <br />5. Reporting of Significant Events. <br />(a) Pursuant to the provisions of this Section 5, the City shall give, or cause to be given, notice <br />of the occurrence of any of the following events with respect to the Bonds in a timely manner not more than ten (10) <br />Business Days after the event: <br />1. principal and interest payment delinquencies; <br />2. unscheduled draws on debt service reserves reflecting financial difficulties; <br />3. unscheduled draws on credit enhancements reflecting financial difficulties; <br />4. substitution of credit or liquidity providers, or their failure to perform; <br />5. adverse tax opinions, the issuance by the Internal Revenue Service of proposed or <br />final determinations of taxability or Notices of Proposed Issue (IRS Form 5701 TEB); <br />6. tender offers; <br />7. defeasances; <br />8. ratings changes; <br />9. bankruptcy, insolvency, receivership or similar proceedings. Note: For the <br />purposes of the event identified in subparagraph (9), the event is considered to occur when any of the following occur: <br />the appointment of a receiver, fiscal agent or similar officer for an obligated person in a proceeding under the U.S. <br />Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has <br />assumed jurisdiction over substantially all of the assets or business of the obligated person, or if such jurisdiction has <br />been assumed by leaving the existing governmental body and officials or officers in possession but subject to the <br />supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of <br />reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction <br />over substantially all of the assets or business of the obligated person; and <br />10. default, event of acceleration, termination event, modification of terms or other <br />similar events under the terms of a Financial Obligation of the City, any of which reflect financial difficulties. <br />(b) Pursuant to the provisions of this Section 5, the City shall give, or cause to be given, notice <br />of the occurrence of any of the following events with respect to the Bonds, if material, in a timely manner not more <br />than ten (10) Business Days after occurrence:
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