pages: CityCouncil/2009-03-17.pdf, 5
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CityCouncil | 2009-03-17 | 5 | condominium form for two detached single-family dwellings on one site at 3211 and 3215 Fernside Boulevard. The site is located within an R-2, two family residence zoning district; and (*09-119A) - Resolution No. 14316, "Approving Tentative Parcel Map No. 9787 for the Purpose of Establishing a Subdivision of Ownership to Condominium Form for Two Detached Single-Family Dwellings on One Site Located at 3211 & 3215 Fernside Boulevard. Adopted. CITY MANAGER COMMUNICATIONS (09-120) Receive a Progress Report on financing the City's Other Post Employment Benefit [OPEB] obligations. The Interim Finance Director gave a brief presentation. Vice Mayor deHaan inquired whether all options outlined at the February 7, 2009 Financial Management Workshop would be explored. The Interim Finance Director responded in the affirmative; stated information is still outstanding on financing OPEB; stated pension obligation bonds do not apply to debt limit for cities, but there is a grey nebulous area on whether benefit obligation bonds could fall under the State constitutional debt limit; more debt scenarios would be done. Vice Mayor deHaan stated other cities are going through a similar situation; inquired whether staff has investigated how other cities are funding the debt. The Interim Finance Director responded three or four cities are reviewing funding pension obligations; stated cities will be pursuing the matter more aggressively in order to meet liabilities. Vice Mayor deHaan stated the City will have many examples to review because cities are mandated to take care of the indebtedness; time is not on the City's side; options need to be understood. Councilmember Matarrese requested clarification on the difference between a benefit and pension obligation bond. The Interim Finance Director responded the 1079 and 1082 Plans financing would be pension bonds; stated OPEB obligations are other post employment benefits such as medical, retirement, and health care; attorneys are still gray on whether or not an OPEB bond would fall under the City's limits in terms of debt based on the State Constitution; the City does not have to decide on the construction of the financing scenarios until the last minute; currently, the Regular Meeting Alameda City Council 5 March 17, 2009 | CityCouncil/2009-03-17.pdf |