Agenda Report
Fullerton City Council
MEETING DATE: JUNE 21, 2022
TO: CITY COUNCIL / SUCCESSOR AGENCY
FROM: ERIC J. LEVITT, CITY MANAGER
PREPARED BY: ELLIS CHANG, DIRECTOR OF ADMINISTRATIVE SERVICES SUBJECT: JUDICIAL VALIDATION PROCEEDINGS DISMISSAL – PENSION OBLIGATION BONDS
SUMMARY
Staff seeks City Council direction to dismiss the judicial validation complaint filed by the City with the Orange County Superior Court to validate issuance of Pension Obligation Bonds (POBs).
RECOMMENDATION
Dismiss the judicial validation complaint for validation of issuance of Pension Obligation Bonds.
BUDGET POLICY PRIORITY STATEMENT
This item matches the following Budget Policy Priority Statement:
Fiscal and Organizational Stability.
FISCAL IMPACT
Fiscal Impact for this action is unknown but anticipated to total approximately $5,000.
DISCUSSION
City Council authorized filing of a judicial validation action with the Orange County Superior Court to seek validation of its POB issuance on March 15, 2022. The City filed the complaint shortly thereafter. An external party answered the City’s complaint for validation. The City seeks to dismiss its complaint for validation of its POB issuance and close out related costs.
Dismissal of Judicial Validation Proceedings - POBs
June 21, 2022 - Page 2