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09/25/2017 <br />RESOLUTION NO. 15620 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY APPROVING THE ADOPTION OF THE PUBLIC AGENCIES <br />POST -EMPLOYMENT BENEFITS TRUST ADMINISTERED BY PUBLIC <br />AGENCY RETIREMENT SERVICES (PARS) <br />WHEREAS, Public Agency Retirement Services ("PARS") has made available the <br />PARS Public Agencies Post -Employment Benefits Trust (the "Program") for the purpose of <br />pre -funding pension obligations and/or other post -employment benefits ("OPEB") <br />obligations; and <br />WHEREAS, the City of Redwood City ("City") is eligible to participate in the <br />Program, a tax-exempt trust performing an essential governmental function within the <br />meaning of Section 115 of the Internal Revenue Code, as amended, and the Regulations <br />issued there under, and is a tax-exempt trust under the relevant statutory provisions of the <br />State of California; and <br />WHEREAS, the City's adoption and operation of the Program has no effect on any <br />current or former employee's entitlement to post -employment benefits; and <br />WHEREAS, the terms and conditions of post -employment benefit entitlement, if any, <br />are governed by contracts separate from and independent of the Program; and <br />WHEREAS, the City's funding of the Program does not, and is not intended to, <br />create any new vested right to any benefit nor strengthen any existing vested right; and <br />WHEREAS, the City reserves the right to make contributions, if any, to the <br />Program. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />REDWOOD CITY AS FOLLOWS: <br />1. The City Council hereby adopts the PARS Public Agencies Post -Employment <br />Benefits Trust, effective September 25, 2017; and <br />2. The City Council hereby appoints the City Manager, or her successor or <br />designee, as the City's Plan Administrator for the Program; and <br />3. The City's Plan Administrator is hereby authorized to execute the PARS legal <br />and administrative documents on behalf of the City and to take whatever additional actions <br />are necessary to maintain the City's participation in the Program and to maintain <br />compliance of any relevant regulation issued or as may be issued; therefore, authorizing <br />her to take whatever additional actions are required to administer the City's Program. <br />ATTY/RESO.0089/CC RESO APPROVING THE ADOPTION OF PARS RESO. NO. 15620 <br />REV: 09-18-17 MI MUFF NO. 904 <br />Page 1 of 1 <br />