HomeMy WebLinkAboutCC Reso 2022-10 RESOLUTION NO. 2022-10
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CATHEDRAL CITY
RESCINDING RESOLUTION NO. 2021-28 WHICH AUTHORIZED PENSION
OBLIGATION BONDS AND A VALIDATION ACTION IN CONNECTION
THEREWITH
WHEREAS, on September 15, 2021, the City Council approved Resolution No. 2021-28
authorizing the issuance and delivery of pension obligation bonds to refund certain outstanding
obligations of the City to the California Public Employees' Retirement System, and, among other
things, a validation action in connection with such bonds; and
WHEREAS,the City Council now desires to rescind Resolution No. 2021-28 and terminate
the validation action.
NOW THEREFORE, the City Council of the City of Cathedral City resolves, determines
and orders as follows:
Section 1. Rescission of Resolution. Resolution No. 2021-28, which authorized
pension obligation bonds to refund certain outstanding obligations of the City to the California
Public Employees' Retirement System is hereby rescinded in its entirety.
Section 2. Termination of Validation Action. The City Manager is hereby directed to
take all necessary and appropriate actions to terminate validation action City of Cathedral City v.
All Persons Interested (Case No. CVPS2105159). The City Clerk is hereby directed for such
purpose to provide the City Manager with a signed and certified copy of this Resolution promptly
upon its adoption.
Section 3. Effective Date. This Resolution becomes effective immediately upon
adoption.
PASSED AND ADOPTED at a meeting of the City Council of the City of Cathedral City on this
231d day of February 2022, by the following vote:
AYES: Councilmembers Gregory, Ross and Carnevale; Mayor Pro Tem Lamb and Mayor
Gutierrez
NOES: None
ABSENT: None
ABSTAINED: None
`izrnesto Gutierrez,
Mayor of the City of Cathedral City
Attest:
Tracey R. ermosillo, City Clerk
APPROVED AS TO FORM:
Eric S. ail
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS
CITY OF CATHEDRAL CITY )
I, Tracey R. Hermosillo, CMC Clerk of the City Council of the City of Cathedral, California,
do hereby certify that the foregoing Resolution No. 2022-10 was duly and regularly adopted at a
meeting of the City Council of the City of Cathedral City, held on the 23rd day of February 2022,
by the following vote:
AYES: Councilmembers Gregory, Ross and Carnevale; Mayor Pro Tem Lamb and Mayor
Gutierrez
NOES: None
ABSENT: None
ABSTAINED: None
to n' L4J'
Tracey R. Hermosillo, City Clerk