BACKGROUND:
On September 15, 2021, the City Council approved Resolution No. 2021-28 to refund City of Cathedral City (“City”) obligations to the California Public Employees’ Retirement System and, among other things, to initiate a validation action in connection with the potential issuance of Pension Obligation Bonds for such purpose.
DISCUSSION:
The City Council has determined not to proceed with the validation action and desires to rescind Resolution No. 2021-28 relating to the Pension Obligation Bonds and terminate the validation action. To accomplish the foregoing, staff recommends that the City Council adopt Resolution No. 2022-__
Staff further recommends that the City Council direct the City Manager to take all necessary and appropriate actions to terminate validation action City of Cathedral City v. All Persons Interested (Case No. CVPS2105159).
FISCAL IMPACT:
None