RESOLUTION NO. _____________
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FOSTER CITY
AUTHORIZING A SUPPLEMENTAL APPROPRIATION IN THE INTERNAL SERVICE FUND FOR PEMCHA OBLIGATIONS (FUND 508) FOR $4,500,000 TO DEPOSIT INTO THE SECTION 115 TRUST
CITY OF FOSTER CITY
WHEREAS, the City approved the creation of an Internal Revenue Code 115 Trust to reduce unfunded liabilities related to the Public Employees Medical and Hospital Care Act (PEMHCA); and
WHEREAS, the City’s approved investment strategy included annual contributions of approximately $300,000 for ten years and an initial deposit of $4,500,000; and WHEREAS, the City has made the first two annual contributions but did not make the initial deposit of $4,500,000.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Foster City approve a supplemental appropriation of $4,500,000 from Fund 508 to account number 508-0460-999.4155 for deposit into the City’s Section 115 Trust.
PASSED AND ADOPTED as a resolution of the City Council of the City of Foster City at the regular meeting held on the 6th day of October 2025, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
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STACY JIMENEZ, MAYOR
ATTEST:
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PRISCILLA SCHAUS, CITY CLERK