AgdaPkt 2005-01-24 - Laserfiche WebLink

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NOTE 8 - DEBT WITHOUT CITY COMMITMENT ( CONTINUED) The City's only responsibilities with respect to any delinquent assessment installments are solely advancing funds from the reserve fund (established with bond proceeds) to the redemption fund, to the extent that such funds are available, and instituting foreclosure proceedings. The City is not required to advance available funds of the City for payment of principal or interest or to purchase land at a delinquent foreclosure assessment sale. As of June 30, 2004, the outstanding principal amount was $20,020,000. On January 17, 2001, the Shores Transportation Improvement District issued $5,045,000 of Phase I CFD bonds, and on September 3,2003 the District issued $7,505,000 of Phase II CFD bonds. The proceeds of these bonds are being used to fund various transportation projects that are required under development agreements with commercial property owners in the Redwood Shores area of the City. These bonds are solely obligations of the property owners in this district and are not obligations of the City, nor has any political subdivision of the State of California pledged its full faith and credit for the payment of these bonds. The City's only responsibilities with respect to any delinquent assessment installments are solely advancing funds from the reserve fund (established with bond proceeds) to the redemption fund, to the extent that such funds are available, and instituting foreclosure proceedings. The City is not required to advance available funds of the City for payment of principal or interest or to purchase land at a delinquent foreclosure assessment sale. As of June 30, 2004, the outstanding principal amount was $12,445,000. NOTE 9 - EMPLOYEE BENEFITS A. Retirement System PERS Safety and Miscellaneous Employees' Plans Substantially all City employees are eligible to participate in pension plans offered by California Public Employees' Retirement System (PERS), an agent multiple-employer defined benefit pension plan which acts as a common investment and administrative agent for its participating member employers. PERS provides retirement and disability benefits, annual cost of living adjustments, and death benefits to plan members who must be public employees and beneficiaries. The City's employees participate in the separate safety (police and fire) and miscellaneous (all other) employee plans. Benefit provisions under both plans are established by state statute and City resolution. Benefits are based on years of credited service, equal to one year of full time employment. Funding contributions for both plans are determined annually on an actuarial basis as of June 30 by PERS; the City must contribute these amounts. The plans' provisions and benefits in effect at June 30, 2004 are summarized as follows: Benefit vesting schedule Benefit payments Retirement age Monthly benefits, as a % of annual salary Required employee contribution rates Police Safety 5 years service monthly for life 50 3% 9% Fire Safety 5 years service monthly for life 50 3% 9% Miscellaneous 5 years service monthly for life 50 1.426% -2.418% 7% Employer contributions are determined by PERS as a percentage of covered payroll and represent the actuarially required contribution. The employer contributions for the past three years are: 2002 2003 2004 Police Safety 4.636% 7.482% 11.737% Fire Safety 4.871 % 5.971 % 25.444% Miscellaneous 0.000% 0.000% 3.981% 44