Loading...
HomeMy WebLinkAboutReso - CC - 086-2020DocuSign Envelope ID: 023B6F67-BD3B-4432-BCFD-A1C14B720768 RESOLUTION NO.086-2020 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME APPROVING A CONTRIBUTION TO THE PUBLIC AGENCIES POST -EMPLOYMENT (PENSION) BENEFIT TRUST ADMINISTERED BY PUBLIC AGENCY RETIREMENT SERVICES (PARS) WHEREAS, effective September 1, 2017 the City Council adopted the PARS Public Agencies Post -Employment Benefits Trust, establishing the City's participation in the program for the purpose of pre -funding pension obligations; and WHEREAS, the tax-exempt trust performs an essential governmental function within the meaning of Section 115 of the Internal Revenue Code, as amended, and the Regulations issued there under, and is a tax-exempt trust under the relevant statutory provisions of the State of California; and WHEREAS, the City has reserved the right to make contributions, if any, to the Program; and WHEREAS, in recognition of the City's large pension liabilities with the California Public Employees' Retirement System (CaIPERS), deposits to the trust are appropriate to fund future employer's contributions as required by CaIPERS; and WHEREAS, based on the City's adopted budget for FY 2020-21 for all funds, additional contributions of $2,770,000 are to be made to the trust from all operating funds that report a net pension liability. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BURLINGAME RESOLVES AND ORDERS AS FOLLOWS: APPROVE and AUTHORIZE the Finance Director & Treasurer to transmit an additional $2,770,000 contribution to the PARS Public Agencies Post -Employment Benefits Trust on behalf of the City of Burlingame for the fiscal year ended June 30, 2021. DocuSigned by: D066C126928D48D... Mayor DocuSign Envelope ID: 023B6F67-BD3B-4432-BCFD-A1C14B720768 I, MEAGHAN HASSELL-SHEARER, City Clerk of the City of Burlingame, do hereby certify that the foregoing Resolution was adopted at a special meeting of the City Council held on the 15th day of June, 2020 and was adopted thereafter by the following vote: AYES: COUNCILMEMBERS: BEACH, BROWNRIGG, COLSON, O'BRIEN KEIGHRAN, ORTIZ NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE DocuSignedb//y: SD4U84C3D80E7449... City Clerk