HomeMy WebLinkAboutCC Res 5736 2008-06-09
RESOLUTION NUMBER 5736
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEAL
BEACH, CALIFORNIA DIRECTING THE CITY MANAGER TO
EXECUTE ALL NECESSARY DOCUMENTS TO OBTAIN
FUNDING FOR THE CITY'S PENSION OBLIGATIONS
WHEREAS, on November 5, 2007, the City Council of the City of Seal Beach I
(the "City") directed staff to pursue participation in the pension obligation bond
pool with the California Statewide Communities Development Authority
("CSCDA") as the pooled bond issuer. Staff was directed to only consider fixed
rate debt resulting in a net present value savings of $500,000 or more; and
WHEREAS, due to several delays in the CSCDA pool transaction and adverse
market conditions, the City desires to consider other alternatives to fund the
City's pension obligation; and
WHEREAS, the Bank of America ("BofA") has submitted an attractive proposal
to the City for consideration; and
WHEREAS, the City performed a side by side comparison of the CSCDA Pool
and BofA's proposal and determined that BofA's proposal provides the most
savings to the City, as can be seen by comparing Attachment A and B hereto;
and
WHEREAS, the City desires to proceed with the BofA proposal as an option to
the CSCDA pool due to the increased savings offered by the BofA proposal.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SEAL BEACH I
DOES HEREBY RESOLVE:
Section 1. The City Council hereby finds and declares that it is in the best
interest of the City to consider all options in order to fund the City's pension
obligations.
Section 2. The City Council hereby authorizes and directs the City Manager to
execute all necessary documents which he deems necessary or advisable in
order to consummate the transactions contemplated by this Resolution.
PASSED, APPROVED, AND ADOPTED by the City Council of the City of Seal
Beach on the 27th day of May, 2008 by the following vote:
AYES: Council Members~tlh~ ~ }(~, ~
NOES: Council Members ~
ABSENT: Council Members ~
ABSTAIN: Council Members ~
~
I
Resolution Number 5736
STATE OF CALIFORNIA}
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
I
I, Linda Devine, City Clerk of Seal Beach, California, do hereby certify that the
foregoing resolution is the original copy of Resolution Number 5736 on file in
the office of the City Clerk, passed, approved, and adopted by the City Council of
the City of Seal Beach, at a regular meeting thereof held on the 27th day
of May ,2008.
~J~ [)~?1/
City Clerk
I
I