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8/27/2018 <br />NOW, THEREFORE, THE COUNCIL OF THE CITY OF REDWOOD CITY <br />DOES ORDAIN AS FOLLOWS: <br />Section 1. The recitals set forth above are true and correct and are <br />hereby incorporated herein by this reference as if fully set forth in their entirety. <br />Section 2. Sections 2.41.13 through 2.41.15 are hereby added to <br />Chapter 2 ADMINISTRATION, Article IV FUNDS as follows: <br />Section 2.41.13. SECTION 115 TRUST ACCOUNT FUND: A fiduciary <br />fund to be known as the "SECTION 115 TRUST ACCOUNT FUND" is <br />hereby established. The City Council has designated an initial deposit of <br />$10,548,850 into the SECTION 115 TRUST ACCOUNT FUND from the <br />General Fund, the Enterprise Funds, and the Internal Services Funds. <br />These monies and any additional funding amounts to be determined in the <br />future must be dedicated solely for the following purposes set forth: <br />(a) For pre -funding pension obligations; <br />(b) For acting as a reserve fund to help the City pay for increasing <br />annual CalPERS contribution requirements; and <br />(c) For providing more local control and flexibility in investment <br />allocations compared to maintaining funds in a City -invested <br />reserve or giving money to CalPERS to pay down the unfunded <br />liability. <br />The City Manager, or his/her successor or designee, is appointed as the <br />City's Plan Administrator solely for the following purposes set forth: <br />(a) For the administration of the Trust; <br />(b) For executing an "Agreement for Professional Services" (to include <br />consulting and investment services) between the City and an entity <br />authorized to offer Section 115 trusts that has been approved by <br />the City Council; and <br />(c) For the investment of Trust funds that utilize an investment strategy <br />consistent with recommendations provided by the City Council's <br />Finance/Audit Sub -Committee. <br />The decision to add additional funds to the Trust or to disburse funds from <br />the Trust in future fiscal years would be subject to the following provisions: <br />Page 2 of 3 <br />ATTY/ORD.472/RC ESTABLISHING FIDUCIARY, SPECIAL REVENUE, AND CAPITAL PROJECTS FUNDS <br />ORDINANCE NO. 2452 <br />REV: 07-12-18 DZ MUFF NO. 305 <br />