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HomeMy WebLinkAboutNS-1839 - Adding Article XIIIEJC:k-1 02/07/86 ORDINANCE NO. NS-]839 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SANTA ANA ADDING ARTICLE XIII TO CHAPTER 13 OF THE SANTA ANA MUNICIPAL CODE ESTABLISHING THE SPECIAL PENSION OBLIGATIONS FUND AND PRESCRIBING THE PURPOSES AND USES THEREOF, AND DETERMINING THAT PURCHASE OF ANNUITIES CONSTITUTES A PENSION OBLIGATION OF THE CITY THE CITY COUNCIL OF THE CITY OF SANTA ANA DOES ORDAIN AS FOLLOWS: SECTION 1. Declaration of Public Uses and Purposes. The City Council hereby finds and determines that the financing of the pension obligations of the City and the establishment of a special fund for the purpose of receiving, holding and disbursing amounts relating to such pension obligations, serve the public purposes of the City. The City Council further hereby finds and determines that the purchase of annuities with respect to beneficiaries under the City's pension program, for the purpose of financing a portion of the City's obligations under such pension program, constitutes a proper exercise of the powers of the City with respect to its obligations relating to such pension program and serves the public purpose of the City. SECTION 2. Municipal Affair. The City Council hereby finds and determines that the activ- ities set forth in Section 1 of this Ordinance, are municipal affairs, necessary and approprite to a municipal corporation and the general welfare of its inhabitants, and are not prohibited by the Constitution of the State of California or by the City Charter. ARTICLE XII. SPECIAL PENSION OBLIGATIONS FUND Sec. 13-115 Creation of Special Pension Obigations Fund. There is hereby created and established the Special Pension Obligations Fund, which shall be held and administered by the Director of Finance, the City Manager and the City Attorney as custodians. The Special Pension obligations Fund ORDINANCE NO. NS- ]839 Page Two shall be established as a special fund for the purpose of receiving, holding and disbursing amounts relating to the Pension obligations of the City and shall not be used for any other purpose. Sec. 13-166 Deposit of Monies. The City shall deposit into the Special Pension Obligations Fund, promptly upon the receipt thereof, all amounts relating to the Pension Obligations of the City. Such amounts shall include, without limitation, (a) all gross revenues and amounts derived with respect to the Annuities and (b) all amounts required to be paid by the City to the Public Employees' Retirement System ("PERS") organized and existing pursuant to the Public Employees' Retirement Law of the State of California (constituting Part 3 of Division 5 of the Government Code of the State of California). All amounts deposited into the Special Pension Obligations Fund shall be deemed to be special funds derived with respect to the Pension Obligations of the City, and shall be accounted for separately and apart from all other monies, funds and accounts of the City and shall not be used for any other purpose. Sec. 13-117 Expenditure of Monies Amounts in the Special Pension Obligations Fund shall be expended solely for the purpose of financing the Pension Obligations of the City. Sec. 13-118 Pledge and Allocation of Monies The City may pledge, and may grant a security interest in and lien upon, all or any portion of the amounts deposited into the Special Pension Obligations Fund for the purpose of securing the payment of all or any portion of the Pension Obligations of the City. Sec. 13-119 Pension Obligations Defined As used in this Article, the term "Pension Obligations" shall mean all obligations of the City to finance the retirement system of the City, including but not limited to (a) the obligations of the City to make payment to the Public Employees' Retirement System pursuant to the contract (the "PERS Contract") between the City and PERS dated as of November 25, 1946, as amended from time to time, and (b) the obligations of the City to pay install- ments of the purchase price of the Annuities. ORDINANCE NO. NS-1839 Page three Sec. 13-120 Annuities Defined As used in this Article, the term "Annuities" shall mean all annuities purchased by the City with respect to beneficiaries under the PERS Contract, including but not limited to all annuities purchased by the City from the Santa Ana Financing Corporation. SECTION 4. Validatin~ Proceedings. An action to determine the validity of any provisions of this Ordinance may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure. SECTION 5. Liberal Construction. This Ordinance, being necessary for the health, welfare and safety of the City and its residents, shall be liberally construed to effect its purposes. Furthermore, this Ordinance has been adopted by the City Council as an exercise of the power as to municipal affairs granted to the City by the Constitution of the State of California and shall be liberally construed to uphold its validity under the laws of the State. SECTION 6. Severability. If any section, subsection, sentence, clause, phrase or portion of this Ordinance is for any reason held to be invalid or unconstitutional by the decision of any court of competent jurisdiction, such decision shall not affect the validity of the remaining portions of this ordinance. The City Council hereby declares that it would have adopted this ordinance and each section, subsection, sentence, clause, phrase or portion thereof irrespective of the fact that any one or more sections, subsections, sentences clauses, phrases or portions thereof be declared invalid or unconstitutional. SECTION 7. Publication. The City Clerk is hereby authorized and directed to publish the title of this Ordinance pursuant to Section 416 of the City Charter. RESOLUTION NO. Page Four NS-1839 SECTION 8. Effective Date. This Ordinance shall become effective at the expiration of thirty (30) days after the adoption thereof. ATTEST: ADOPTED this 3rd day of March , 1986. Daniel E. Griset, Mayor /~ar~ice C. Guy /F~---/ {/Clerk of the Cotfnc~l / COUNCILMEMBERS: Griset Aye Acosta Aye Hart Aye Johnson Aye Luxembourger Aye McGuigan Aye Young Aye APPROVED AS TO FORM: