HomeMy WebLinkAboutRESO 9676161116 jb 0131564 1
Resolution No. 9676
Resolution of the Council of the City of Palo Alto Approving
the Adoption of the PARS Public Agencies PostEmployment
Benefits Trust Administered By Public Agency Retirement Services (PARS)
R E C I T A L S
A. PARS has made available the PARS Public Agencies PostEmployment Benefits
funding pension obligations and/or OPEB
obligations.
B. The City of Palo Alto is eligible to participate in the Program, a taxexempt
trust performing 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.
C. The City
to postemployment benefits.
D. The terms and conditions of postemployment benefit entitlement, if any, are
governed by contracts separate from and independent of the Program.
E. The City
new vested right to any benefit nor strengthen any existing vested right.
F. The City reserves the right to make contributions, if any, to the Program.
NOW THEREFORE, BE IT RESOLVED THAT:
SECTION 1. The City Council hereby adopts the PARS Public Agencies Post
Employment Benefits Trust, effective January 23, 2017.
SECTION 2. The City Council hereby appoints the City Manager, or his/her
successor or his/her designee, as the City .
SECTION 3. The City
PARS legal and administrative documents on behalf of the City and to take whatever additional
actions are necessary to maintain the City
DocuSign Envelope ID: FA07C7AE-CE9D-4098-B7CD-57361B7FBE99
161116 jb 0131564 2
compliance of any relevant regulation issued or as may be issued; therefore, authorizing
him/her to take whatever additional actions are required to administer the City .
SECTION 4. The Council finds that this is not a project under the California
Environmental Quality Act and, therefore, no environmental impact assessment is necessary.
INTRODUCED AND PASSED: January 23, 2017
AYES: DUBOIS, FILSETH, FINE, HOLMAN, KNISS, KOU, SCHARFF, TANAKA, WOLBACH
NOES:
ABSENT:
ABSTENTIONS:
ATTEST:
City Clerk Mayor
APPROVED AS TO FORM: APPROVED:
Senior Deputy City Attorney City Manager
Director of Administrative Services
DocuSign Envelope ID: FA07C7AE-CE9D-4098-B7CD-57361B7FBE99
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