BOOK 18_1939-01-03 to 1942-08-10

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0 I n of the Principal of Said Indebtedness,to be Incurred for Each Thereof, and the Maximum Rate of Interest to be Paid thereon; Fixing the Date of Said Election, the Manner of Holding the Same, Establishing Election Precincts and Polling Places for Said Election and Appointing Boards of Election Therefor, and providing for Notice Thereof". Motion darried. On motion of Councilman Werder, seconded by Councilman Fletcher, it was decided to remove the two hour parking signs from both sides of Marshall Street be- tween Hamilton and Middlefield. City Manager-Dimmitt-was directed, on motion of Councilman Fletcher, seconded by Councilman Werder, to inform the Pacific Greyhound Bus Company that all night parking of buses in streets in the vicinity of the Bus Depot was in viola- tion of City Ordinances. The following resolution authorizing the City Council to enter into an agreement with the State Retirement Board was adopted on motion of Councilman Chris- tensen, seconded by Councilman Fletcher and carried by unanimous vote of the Councilmen present. TIRESOLUTION OF INTENTION TO APPROVE CONTRACT PROVIDING FOR PARTICIPATION IN STATE EMPLOYEES1 RETIREMENT SYSTEM WHEREAS, the State Employees+ Retirement Act permits the partici- pation of municipal corporations in the State Employees' Retirement Sys- tem, making' _their employees members of said System, and sets forth the.pro- cedure by which participation may be accomplished; and WHEREAS, one step in said procedure is the adoption by the legisla- tive body of the municipal corporation, of a resolution giving notice of intention to approve a contract between said legislative body and the Board of Administration of said Retirement System, providing for said participation, which said resolution shall contain a summary of the major provisions of the proposed retirement system, and WHEREAS, the following is a summary -of the major provisions of the proposed retirement system: 1. The System is administered by a board of eight members, composed of -three members of the System, an official of a bank, an official of an insurance company, the Director of -Finance, a member of the State Personnel Board, and an official of the University of Calif- ornia. 2. Retirement for service is optional upon attainment of an age which shall be not less than 55 or more than 60, as provided in said con- tract, by city 'firemen and city policemen, and age 60 by other em- ployees, and completion of twenty years of service for the municipal corporation, and is compulsory at age 65 for city firemen,and city policemen, and at age 70 for other employees. 3 The monthly retirement allowance payable upon retirement for sera vice is gependent upon such factors as age, sex, salary and years of service: For city firemen and city policemen, retiring at the optional age in paragraph 2, or at a higher age with twenty years of service, the monthly allowance is approximately one-half the.,. average monthly salary during the five years immediately preceding 277_3