pages: CityCouncil/2009-04-07.pdf, 2
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CityCouncil | 2009-04-07 | 2 | Alameda Taxable Retirement Funding Bonds; Authorizing the Execution and Delivery of an Indenture and a Trust Agreement; and Authorizing Commencement of a Validation Action Relating Thereto and Approving Other Matters Relating Thereto. Adopted. Councilmember Gilmore requested staff to review the matter for the public. The Interim City Manager gave a brief presentation. Vice Mayor deHaan inquired when 1079 and 1082 Plans would retire, to which the Interim City Manager responded 17 or 18 years. Councilmember Tam stated the present value of unfunded accrued actuarial liability [for Other Post Retirement Benefits (OPEB) ] is $74.5 million; the validation process includes an indenture with Union Bank for $22.2 million; inquired whether the amount is the present value of the 1079 and 1082 Plans. The Interim City Manager responded in the affirmative; stated the indenture does not involve the $74.5 million [for OPEB]. Councilmember Tam inquired whether the City would still pay the difference between the $22.2 million and $74.5 million. The Interim City Manager responded $2.5 million is being paid on the $22.5 million and $2.1 million to $2.2 million is being paid on the $74.5 million this year. Vice Mayor deHaan stated that he would like to review escalating the amount in the future. The Interim City Manager stated staff has not abandoned the idea of reviewing financing options. Councilmember Gilmore stated the City currently budgets $2.5 million for the 1079 and 1082 Plans and pays $2. 1 million for the [OPEB] "pay as you go" plan; $4.6 million is paid every year on retirement benefits. The Interim City Manager stated the 1079 and 1082 Plans are pension benefits; the [OPEB] "pay as you go" cost for medical benefits would grow by approximately $300,000 to $400,000 per year. Councilmember Gilmore moved adoption of the resolution. Councilmember Matarrese seconded the motion, which carried by unanimous voice vote - 5. Regular Meeting Alameda City Council 2 April 7, 2009 | CityCouncil/2009-04-07.pdf |