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File #:
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21-0904
Version:
1
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Name:
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Trust Agreement and Authorizing filing of Validation Action for Pension Obligation Bond Issuance
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Type:
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CC- Report
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Status:
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Agenda Ready
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On agenda:
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10/26/2021
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Final action:
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Title:
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REPORT - TRUST AGREEMENT AND AUTHORIZING FILING OF VALIDATION ACTION FOR PENSION OBLIGATION BOND ISSUANCE
BACKGROUND: Staff is proposing that the City of Santa Rosa initiate the process to issue Pension Obligation Bond (“POBs”) in order to take advantage of current favorable borrowing rates and to refund a portion or all of its outstanding CalPERS Unfunded Accrued Liability (“UAL”). While staff has consistently presented the intent of doing a financing that is less than the UAL, for validation purposes only, the practice is to validate the entire amount. As such the information in this report assumes a full funding scenario.
RECOMMENDATION: It is recommended by the Finance Department that the Council, by resolution: 1) authorize the issuance of one or more series of City of Santa Rosa Pension Obligation Bonds; 2) approve and authorize execution and delivery of an Indenture of Trust (“Indenture”) relating thereto; 3) authorize a validation action related to the Pension Obligation Bo...
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Code sections:
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15378 - Not a Project
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