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EJC:k-1 <br />02/07/86 <br /> <br />ORDINANCE NO. NS-]839 <br /> <br />AN ORDINANCE OF THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA ADDING ARTICLE XIII <br />TO CHAPTER 13 OF THE SANTA ANA MUNICIPAL <br />CODE ESTABLISHING THE SPECIAL PENSION <br />OBLIGATIONS FUND AND PRESCRIBING THE <br />PURPOSES AND USES THEREOF, AND DETERMINING <br />THAT PURCHASE OF ANNUITIES CONSTITUTES <br />A PENSION OBLIGATION OF THE CITY <br /> <br /> THE CITY COUNCIL OF THE CITY OF SANTA ANA DOES ORDAIN AS <br />FOLLOWS: <br /> <br />SECTION 1. Declaration of Public Uses and Purposes. <br /> <br /> The City Council hereby finds and determines that the <br />financing of the pension obligations of the City and the <br />establishment of a special fund for the purpose of receiving, <br />holding and disbursing amounts relating to such pension <br />obligations, serve the public purposes of the City. The City <br />Council further hereby finds and determines that the purchase <br />of annuities with respect to beneficiaries under the City's <br />pension program, for the purpose of financing a portion of <br />the City's obligations under such pension program, constitutes <br />a proper exercise of the powers of the City with respect to <br />its obligations relating to such pension program and serves <br />the public purpose of the City. <br /> <br />SECTION 2. Municipal Affair. <br /> <br /> The City Council hereby finds and determines that the activ- <br />ities set forth in Section 1 of this Ordinance, are municipal <br />affairs, necessary and approprite to a municipal corporation <br />and the general welfare of its inhabitants, and are not <br />prohibited by the Constitution of the State of California or <br />by the City Charter. <br /> <br />ARTICLE XII. SPECIAL PENSION OBLIGATIONS FUND <br /> <br />Sec. 13-115 Creation of Special Pension <br /> Obigations Fund. <br /> <br /> There is hereby created and established the Special <br />Pension Obligations Fund, which shall be held and administered <br />by the Director of Finance, the City Manager and the City <br />Attorney as custodians. The Special Pension obligations Fund <br /> <br /> <br />