City of Gainesville - File #: 050128

• File #: 050128
• Version: 0
• Name: RESOLUTION AUTHORIZING THE ISSUANCE OF TAXABLE OTHER POST EMPLOYMENT BENEFITS OBLIGATION BONDS, SERIES 2005 (B)
• Type: Resolution
• Status: Adopted
• File created: 6/27/2005
• In control: City Manager
• Final action: 6/27/2005
• Title: RESOLUTION AUTHORIZING THE ISSUANCE OF TAXABLE OTHER POST EMPLOYMENT BENEFITS OBLIGATION BONDS, SERIES 2005 (B) A resolution of the City of Gainesville, Florida, amending resolution No. 020919, supplementing resolution No. 020918 and providing for and authorizing the issuance of the City's Taxable Other Post Employment Benefits Obligation Bonds, Series 2005 in an original aggregate principal amount not to exceed $45,000,000 to fund the unfunded retiree health care obligations of the City; authorizing the Interim City Manager, the Administrative Services Director or the Finance Director to award the sale of such bonds to Citigroup Global Markets Inc. in accordance with certain parameters set forth herein; approving the form and authorizing the execution and delivery of a bond purchase contract; appointing J.P. Morgan Trust Company N.A. as paying agent and registrar with respect to such bonds; approving the form and authorizing the circulation of a preliminary official statement and a...

Date	Ver.	Action By	Action	Result
6/27/2005	0	City Commission	Adopted (Resolution) and Approved the Recommendation	Pass

Title
RESOLUTION AUTHORIZING THE ISSUANCE OF TAXABLE OTHER POST EMPLOYMENT BENEFITS OBLIGATION BONDS, SERIES 2005 (B)

A resolution of the City of Gainesville, Florida, amending resolution No. 020919, supplementing resolution No. 020918 and providing for and authorizing the issuance of the City's Taxable Other Post Employment Benefits Obligation Bonds, Series 2005 in an original aggregate principal amount not to exceed $45,000,000 to fund the unfunded retiree health care obligations of the City; authorizing the Interim City Manager, the Administrative Services Director or the Finance Director to award the sale of such bonds to Citigroup Global Markets Inc. in accordance with certain parameters set forth herein; approving the form and authorizing the execution and delivery of a bond purchase contract; appointing J.P. Morgan Trust Company N.A. as paying agent and registrar with respect to such bonds; approving the form and authorizing the circulation of a preliminary official statement and authorizing the execution and delivery of a final official statement; authorizing the Interim City Manager, the Administrative Services Director or the Finance Director to deem final the preliminary official statement; authorizing the Interim City Manager, the Administrative Services Director or the Finance Director to accept the terms of a commitment for municipal bond insurance from MBIA Insurance Corporation; approving the form and authorizing the execution of a continuing disclosure certificate; authorizing certain officials of the City to execute any documents and take any actions required in connection with the issuance of said bonds; providing an effective date for this resolution; and providing certain other details with respect thereto.

Explanation
The actuarial valuation on the City of Gainesville Retiree Health Care Plan as of September 30, 2003 established an Unfunded Actuarial Accrued Liability (UAAL) of $30,634,773. Traditionally, this unfunded liability is...