RESOLUTION NO. 2022-____
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to refund certain outstanding obligations of the City to the California Public Employees’ Retirement System is hereby rescinded in its entirety.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 __ day of _________ 2022, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAINED:
Ernesto Gutierrez,
Mayor of the City of Cathedral City
Attest:
_______________________________
Tracey R. Martinez, City Clerk
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS
CITY OF CATHEDRAL CITY )
I, Tracey R. Martinez, CMC Clerk of the City Council of the City of Cathedral, California, do hereby certify that the foregoing Resolution No. 2022-_____ was duly and regularly adopted at a meeting of the City Council of the City of Cathedral City, held on the ___ day of ______ 2022 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAINED:
Tracey R. Martinez, Clerk