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Resolution No. 2021-XXX <br />Page 1 of 6 <br />RESOLUTION NO. 2021-XXX <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS TO <br />REFUND CERTAIN PENSION OBLIGATIONS OF THE CITY, <br />APPROVING THE FORM AND AUTHORIZING THE <br />EXECUTION OF A TRUST AGREEMENT AND PURCHASE <br />CONTRACT, AUTHORIZING JUDICIAL VALIDATION <br />PROCEEDINGS RELATING TO THE ISSUANCE OF SUCH <br />BONDS, AND APPROVING ADDITIONAL ACTIONS <br />RELATED THERETO <br />WHEREAS, the City of Santa Ana (the “City”) has previously adopted a retirement <br />plan pursuant to the Public Employees’ Retirement Law, commencing with Section 20000 <br />of the Government Code of the State of California, as amended (the “Retirement Law”) <br />and elected to become a contracting member of the California Public Employees’ <br />Retirement System (“PERS”); and <br />WHEREAS, the Retirement Law and the contract (as amended, the “PERS <br />Contract”) effective July 1, 1948, between the Board of Administration of PERS and the <br />City Council of the City (the “City Council”) obligate the City to (i) make contributions to <br />PERS to fund pension benefits for certain City employees, (ii) amortize the unfunded <br />accrued actuarial liability with respect to such pension benefits, and (iii) appropriate funds <br />for the foregoing purposes; and <br />WHEREAS, the City desires to authorize the issuance of its City of Santa Ana <br />Taxable Pension Obligation Bonds, Series 2021 (the “Bonds”) pursuant to the provisions <br />of Articles 10 and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the California <br />Government Code, commencing with Section 53570 of said Code (the “Bond Law”), in a <br />maximum principal amount not to exceed that required for the purpose of refunding all or <br />a portion of the City’s current obligation to PERS for fiscal year 2021-22 and/or 2022-23, <br />as applicable, pursuant to the PERS Contract, to pay all or a portion of the unfunded <br />accrued actuarial liability of the City (the “Unfunded Liability”) with respect to pension <br />benefits under the Public Employees’ Retirement Law and the PERS Contra ct, to pay <br />capitalized interest on the Bonds and to pay the costs of issuance of such Bonds, <br />including the underwriter’s discount and any original issue discount on such Bonds; and <br />WHEREAS, the City expects that the need may arise in the future to issue <br />additional refunding bonds (the “Additional Bonds”) pursuant to the Bond Law to amortize <br />the accrued and Unfunded Liability of the City to PERS as required by the Retirement <br />Law and the PERS Contract and to fund all or a portion of the normal contributions <br />required by the PERS Contract; and <br />WHEREAS, the Bonds will be issued under and secured by a Trust Agreement <br />(such Trust Agreement, in the form presented to this meeting, with such changes, <br />EXHIBIT 1