City Council

13. REPURCHASE OF 2006 PENSION OBLIGATION BOND (FUNDING SOURCE: GENERAL\nFUND)\nRecommendation: Staff recommends that the City Council:\nA. Adopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF\nCLAREMONT, CALIFORNIA, AUTHORIZING THE REPURCHASE OF ITS\nOUTSTANDING TAXABLE PENSION OBLIGATION BONDS, 2006 SERIES\nA, APPROVING A REPURCHASE AGENT AGREEMENT AND A BOND\nREPURCHASE AGREEMENT AND AUTHORIZING CERTAIN ADDITIONAL\nACTIONS IN CONNECTION THEREWITH;\nB. Approve the Repurchase Agent Agreement in form, approve the Bond\nRepurchase Agreement in form and approve the attached Instructions to\nTrustee re: Bond Repurchase in form;\nC. Authorize the City Manager to execute the Repurchase Agent Agreement\nin an amount not to exceed $20,000;\nD. Authorize the City Manager to execute the Bond Repurchase Agreement\nin an amount not to exceed $1,835,000; and\nE. Appropriate an additional $1,235,403 from the unassigned General Fund\nbalance to finalize the payment of the 2006 Pension Obligation Bonds and\nthe related transaction costs.\nAttachment(s): Resolution Authorizing the Repurchase of its Outstanding Taxable POB\nRepurchase Agent Agreement\nBond Repurchase Agreement\nInstructions to Trustee re: Bond Repurchase