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MINUTE ORDER <br />JOINT CITY COUNCIL / SUCCESSOR AGENCY BOARD <br />PUBLIC FINANCING AUTHORITY MEETING <br />Mav 22. 2017 <br />MO. 17-105 <br />CITY CLERK DEPARTMENT <br />Redwood City <br />Date: May 23, 2017 <br />Attention: City Attorney <br />Assistant City Manager of Administrative Services <br />**hard copy available upon request** <br />SUBJECT: Pre -funding Pension Obligations Through the Establishment of a Public <br />Agencies Post -Employment Benefits Section 115 Trust <br />AGENDA ITEM: 9.A (904) <br />Meeting of the Joint City Council/Successor Agency Board/Public Financing Authority <br />Meeting on May 22, 2017. <br />Present: Council Members, Aguirre, Borgens, Gee, Howard, Masur, Vice Mayor Bain, and <br />Mayor Seybert <br />Direct staff to: <br />1. Prepare, for Council approval, Agreement to Establish a Public Agencies Post - <br />Employment Benefits Section 115 Trust with Public Agency Retirement Services (PARS) in <br />order to pre -fund the City's pension obligations; <br />2. Fund the initial Trust deposit with the Fiscal Year 2016-17 year-end remaining fund <br />balance that is beyond a 15 percent General Fund reserve threshold; and <br />3. Return to City Council for approval of documents required to establish the Trust. <br />M/S Gee/Borgens to move recommendation forward and to direct staff to bring a formal report <br />to Council at a future meeting date. <br />Motion carried unanimously by electronic vote. <br />Silvia Vonderlinden <br />City Clerk <br />