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RESOLUTION NO. 7295 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, <br /> CALIFORNIA, AMENDING THE FISCAL YEAR 2019-20 GENERAL <br /> FUND BUDGET AUTHORIZING A BUDGET APPROPRIATION OF <br /> $30,000 FOR A PROFESSIONAL SERVICES CONTRACT WITH <br /> STRADDLING YOCCA CARLSON & RAUTH TO COMMENCE A <br /> JUDICIAL VALIDATION PROCEEDING AS THE INITIAL STEP FOR <br /> ISSUANCE OF PENSION OBLIGATION BONDS <br /> WHEREAS, In June 2019, City Council approved the contract with Urban Futures <br /> ("UFI") to provide pension advisory services to assist the Citizen's Financial Advisory <br /> Committee ("Committee") with providing recommendations to address the City's rising <br /> pension costs and its unfunded accrued liabilities (UAL) with the California Public <br /> Employees' Retirement System ("CaIPERS"); and <br /> WHEREAS, at the study session of January 21, 2020, the City's pension advisor, <br /> UFI, provided a presentation and discussed the development of a Comprehensive <br /> Management Plan for mitigation of the City's long-term unfunded accrual liabilities; and <br /> WHEREAS, UFI identified a combination of internal resource allocation and <br /> financing mechanism options that will best suit the City's needs to address the City's UAL; <br /> and <br /> WHEREAS, the Committee, UFI, and City staff carefully reviewed each of the <br /> options presented and identified one of the options to be the issuance of Pension <br /> Obligation Bonds (POB); and <br /> WHEREAS, the issuance of POBs requires a judicial validation proceeding prior <br /> to issuance, which could take 90 to 120 days. It is recommended that Council authorize <br /> staff to proceed with the necessary steps to commence the validation proceeding by <br /> approving a budget appropriation of $30,000 for the purpose of a professional service <br /> 1 <br />