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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 />F-2 <br />4826-7904-2280v7/200434-0005 <br />To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the <br />name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized <br />representative of DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such <br />other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial <br />Owners of the Bonds; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Bonds <br />are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain <br />responsible for keeping account of their holdings on behalf of their customers. <br />Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to <br />Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by <br />arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. <br />Beneficial Owners of Bonds may wish to take certain steps to augment the transmission to them of notices of <br />significant events with respect to the Bonds, such as redemptions, tenders, defaults, and proposed amendments to the <br />Bond documents. For example, Beneficial Owners of Bonds may wish to ascertain that the nominee holding the <br />Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial <br />Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided <br />directly to them. <br />Redemption notices shall be sent to DTC. If less than all of the Bonds within a maturity are being redeemed, <br />DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such maturity to be <br />redeemed. <br />Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Bonds unless <br />authorized by a Direct Participant in accordance with DTC’s Money Market Instrument Procedures. Under its usual <br />procedures, DTC mails an Omnibus Proxy to the City as soon as possible after the record date. The Omnibus Proxy <br />assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts Bonds are credited <br />on the record date (identified in a listing attached to the Omnibus Proxy). <br />Redemption proceeds, distributions, and dividend payments on the Bonds will be made to Cede & Co., or <br />such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct <br />Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the City or the Trustee, <br />on payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to <br />Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities <br />held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such <br />Participant and not of DTC, the Trustee or the City, subject to any statutory or regulatory requirements as may be in <br />effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or <br />such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the City or <br />the Trustee, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement <br />of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. <br />A Bond Owner shall give notice to elect to have its Bonds purchased or tendered, through its Participant, to <br />the Trustee, and shall effect delivery of such Bonds by causing the Direct Participant to transfer the Participant’s <br />interest in the Bonds, on DTC’s records, to the Trustee. The requirement for physical delivery of Bonds in connection <br />with an optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Bonds are <br />transferred by Direct Participants on DTC’s records and followed by a book-entry credit of tendered Bonds to the <br />Trustee’s DTC account. DTC may discontinue providing its services as depository with respect to the Bonds at any <br />time by giving reasonable notice to the City or the Trustee. Under such circumstances, in the event that a successor <br />depository is not obtained, physical certificates are required to be printed and delivered. <br />The City may decide to discontinue use of the system of book-entry only transfers through DTC (or a <br />successor securities depository). In that event, bonds will be printed and delivered to DTC. <br />THE TRUSTEE, AS LONG AS A BOOK-ENTRY ONLY SYSTEM IS USED FOR THE BONDS, WILL <br />SEND ANY NOTICE OF REDEMPTION OR OTHER NOTICES TO OWNERS ONLY TO DTC. ANY FAILURE <br />OF DTC TO ADVISE ANY DTC PARTICIPANT, OR OF ANY DTC PARTICIPANT TO NOTIFY ANY <br />BENEFICIAL OWNER, OF ANY NOTICE AND ITS CONTENT OR EFFECT WILL NOT AFFECT THE
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