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EmDlovee Group Redwood City Police Officers Association Redwood City Police Sergeants Association International Association if Firefighters Service Employees Internati mal Union City Management Employee Association Enrolovees Contract Expires 73 August 31, 2005 16 August 31, 2006 53 December 31, 2005 272 January 31, 2004 96 September 30, 2005 Pension Plans The City contracts with the California Public Employees' Retirement System (" CalPERS ") for retirement benefits. Ca1PERS is organized and operates pursuant to the laws of the state of California and is a multiple- employer public employee retirement system that acts as a common investment and administrative agent for participating public entities within California. Copies of Ca1PERS' annual financial report may be obtained from their Executive Office located at 400 P Street, Sacramento, CA 95814. All permanent employees who work more than 20 hours a week are included in the pension plan. Employees are vested upon completion of five years of service. Upon reaching age 50 with five years of service, employees are eligible to retire. The amount of an employee's retirement benefit depends on the employee's age and years of credited service on the date of retirement. The CaIPERS program also provides for death and disability retirement benefits. Actuarially required contributions for fiscal years 2002, 2001 and 2000 were $622,594, $603,723, and $1,162,110, respectively. The City made these contributions as required. [to come from City. Info on future pension liability - October report?] In July 1990, the City joined the Bay Cities Joint Powers Insurance Authority ( "BCJPIA ") to meet its general liability insurance needs. BCJPIA is a general liability insurance pool consisting of 17 San Francisco Bay Area public agencies. The pool provides $1,000,000 of coverage in excess of the City's $250,000 self - insurance retention, claims administration, and loss control support to member agencies. BCJPIA belongs to the California Affiliated Risk Management Authority, which is an excess liability pool founded by BCJPIA and two other local government insurance pools. California Affiliated Risk Management Authority provides coverage from $1,000,001 to $16,000,000, and enters into a reinsurance agreement for the coverage from $3,000,001 to $16,000,000. CONTINUING DISCLOSURE The City has covenanted for the benefit of the holders and beneficial owners of the Bonds to provide certain financial information and operating data relating to the City by no later than 9 months following the end of the City's fiscal year (which date would be April 1 based upon the City's current fiscal year end of June 30), commencing April 1, 2004 with the report for the 2002 -03 Fiscal Year (the "Annual Report"), and to provide notices of the occurrence of certain enumerated events, if material. The City will file, or cause to be filed, the -38-