07-19-2011 - Purchase of Ten Big Belly Solar Trash Compactors - Item 10 (2).pdfCity of West Covina
Memorandum
AGENDA
0: Andrew G. Pasrnant, City Manager ITEM NO. 10
and City Council DATE July 19.2011
FROM: Shannon A. Yauchzee, Director/City Engineer
Public Works Department
SUBJECT: PURCHASE OF TEN BIG BELLY SOLAR TRASH COMPACTORS
(PROJECT NO. TP-12503)
RECOMMENDATION:
It is recommended that the City Council authorize the sole source purchase of ten "Big Belly" Solar
Trash Compactors from Waxie Sanitary Supply in an amount not to exceed $45,818.38.
DISCUSSION:
Communities everywhere face an ever-increasing challenge of managing litter abatement and trash
collection in high traffic, commercial, and public use areas. The City's Environmental Services
Section has researched the benefits of installing the "Big Belly" solar trash compactors at high
pedestrian traffic locations in the City of West Covina.
The Big Belly solar unit will compress up to 200 gallons of trash in one 40-50 pound bag, which is
five (5) times greater than the current trash container capacity. It will reduce overflowing trash
issues and will decrease the number of collection trips as well as related fuel use thereby reducing
greenhouse gas emissions by 80%. The unit is graffiti resistant and has side panels that are fitted for
advertisements of City events and public awareness about the City's environmental programs.
With the assistance of Athens Services, the City's trash hauler, staff compiled a list of locations with
the greatest number of complaints of trash overflow. The two top locations were along West Covina
Parkway between Sunset Avenue and Vincent Avenue, and at bus stops on Barranca Avenue at the
Curve. These locations require Athens Services to empty the trash containers every day and
sometimes twice a day. These will also be the two primary "pilot" program areas along with a solar
compactor at Cameron Community Center and two at the intersection of Amar Road and Azusa
Avenue.
ALTERNATIVES:
The City Council may choose to not approve the purchase of the solar trash compactors.
FISCAL IMPACT:
This project was approved in the Fiscal Year 2011-2012 CIP Budget. Sufficient funds have been
budgeted for this purchase from the AB 939 Waste Reduction funding. There is no fiscal impact to
the 'ty's General Fund.
i n/... ,
Prepared by: Barba/Briley Reviewed/Approved by: Shannon A. Yauchzee
Management Analyst II Director/City Engineer
Reviewed/Approved by:
Finance
Attachment No. 1 Photo
ZAAGENDA 20111TP-12503_81g Belly Solar Trash Compactors.doc
SOAR PAKE
Attachment No.
Big Belly Solar Trash Compactor
To: Andrew G. Pasmant, Executive Director
and the Community Development Commission
From: Tom Bachman, Assistant City Manager/Finance Director
Finance Department
SUBJECT: AWARD OF BID FOR UNDERWRITER
RECOMMENDATION:
It is recommended that the Community Development Commission (CDC) award the bid for
underwriter services to Stone and Youngberg.
BACKGROUND:
In 1990, the CDC established the Eastland Amendment #1 Project Area (BBK landfill area).
When the project area was established, the CDC entered into an agreement with the County of
Los Angeles, in which the county was to receive 58 percent of tax increment from the area. As
part of that agreement, the County agreed to defer 50 percent of their amount and allow the CDC
to instead receive it over the first 20 years of the project's life. The deferral period ended June
30, 2010. This deferral constituted a loan from the County to the CDC, with repayments
scheduled to begin in July 2011 from future tax increment generated in that project area. The
amount outstanding at June 30, 2011 is approximately $10.3 million, including accrued interest.
Issuing bonds to repay the County extends the repayment period, lowers the interest rate, and
provides for a more positive cash flow for the CDC.
Staff has also requested that the County identify capital expenditures on which to spend the bond
proceeds, thereby allowing the bonds to be issued on a tax-exempt basis which would result in
lower borrowing costs doing it on a taxable basis. Depending on the determination of whether
this bond is taxable or not, and what the final deferral amount is, the total bond issue will be
between $11.5 million and $13.5 million. It is the CDC’s intent to issue the bond in the first half
of 2011 provided recent state legislation affecting redevelopment does not eliminate the benefits
of this financing. The City has previously retained Fulbright & Jaworski, L.L.P. as bond counsel
and Urban Futures as financial advisor for this bond issue. The final member of West Covina’s
bond financing team, the underwriter, will be responsible for marketing these bonds to investors
at the most favorable rate to the Agency.
DISCUSSION:
The City issued and RFP for underwriting services and received responses from six firms as
follows. The bid prices are based on a total bond issue of $11.3 million and net bond proceeds of
$10 million.
Tax-exempt Issue Taxable Issue
Firm Bid $/bond Bid $/bond
Wedbush Securites $ 63,845 $ 5.65 $ 69,495 $ 6.15
Stone & Youngberg $ 69,500 $ 6.15 $ 70,460 $ 6.24
Piper Jaffray $ 92,968 $ 8.23 $ 90,465 $ 8.01
Cabrera Capital $ 92,094 $ 8.15 $ 92,094 $ 8.15
Southwest Securities $129,612 $11.47 $129,612 $11.47
Sterne Agee $ 84,750 $ 7.50 $141,250 $12.50
The CDC’s financial advisor reviewed the submittals in detail considering each firm’s
qualifications, recent experience with the issuance, structure and sale of tax allocation bonds,
City of West Covina
Memorandum
AGENDA
Item No.: 11
Date: July 19, 2011
historic issuance volume, strength of sales distribution channels and bid pricing. Based on this
initial review, the top three firms, Piper Jaffray, Stone & Youngberg, and Wedbush Securities
were selected for final review. Urban Futures, the financial advisor on this transaction, then
performed additional analysis on the three finalists focusing on each firm’s ability to buy some
or all the bonds if needed to complete the transaction and recent experience marketing California
tax allocation bonds.
Recent success with similar issues was by far, the most heavily weighted criteria since this is the
primary indicator of a firm’s ability to sell the bonds at the most attractive rate for the West
Covina Community Development Commission. Since January 2011, Stone & Youngberg has
served as lead manager or sole underwriter on the issuance of approximately 28 taxable and tax-
exempt tax allocation bond series in California. This is approximately three times the number of
issues done during this same time frame by the other two finalists. Although staff is continuing
to work with the County in the hopes of issuing these bonds on a nontaxable basis, there is the
real possibility that all or part of the bonds will have to be done on a taxable basis, which
presents a different set of marketing challenges. Therefore, it is important that the Underwriter
have had recent experience with taxable tax allocation bond issues as well. Stone & Youngberg
has issued 9 series of taxable tax allocation bonds since January 2011. In June of 2011, Stone &
Youngberg completed a bond issue for the Brea Redevelopment Agency. Like West Covina,
Brea’s is complex with multiple project areas, negotiated and statutory pass through agreements,
and large taxpayers such as shopping malls located within the project areas. While the other two
firms are also experienced with such issues, Stone & Youngberg appears to have had more recent
experience in this area.
All three firms possess the capital necessary to underwrite these bonds, and all have
demonstrated their willingness and ability to take down bonds when necessary to ensure the
successful closing of a transaction. Stone & Youngberg has the ability to underwrite $218
Million. Piper Jaffray has the ability to underwrite approximately $3 billion. Wedbush
Securities has the ability to underwrite over $2 billion.
In summary, all three firms possessed the knowledge, experience, and ability to competitively
price tax allocation bonds. Stone & Youngberg is recommended because of their stronger recent
experience and proven ability to structure and sell tax allocation bonds during this very difficult
time for California redevelopment agencies. A copy of Urban Futures analysis can be found in
Attachment 1 to this staff report.
FISCAL IMPACT:
The underwriter’s discount and other costs of issuance will be part of the financing and paid off
over the life of the bonds. Although Stone & Youngberg’s charges are not the lowest, it is
anticipated that their ability to structure and market these bonds at more advantageous rates will
more than offset that minimal difference. Debt service will be paid with tax increment revenues
available from cash flow savings from the merged project area debt service fund.
___________________________ __________________________________
Prepared by: Dennis Swink Reviewed by: Tom Bachman
City Controller Assistant City Manager/
Finance Director
Attachment: Memo from Urban Futures dated June 27, 2011
EKE URBAN FUTURES 1
Memorandum
Tom Bachman, Finance Director
Dennis Swink, City Controller
From: Michael Busch, President, Urban Futures, Inc.
Date: June 27, 2011
Re: Issuance of 2011 Tax Allocation Bonds, Underwriter Recommendation
In connection with the proposed issuance of the Community Development Commission's (CDC)
2011 Tax Allocation Bonds, Urban Futures has carefully reviewed the proposals and
qualifications submitted by the prospective underwriting firms, and is prepared to present staff
and the City Council with our recommendation. Of the six proposals which were submitted,
Urban Futures was able to narrow the list to the following three firms: Piper Jaffray, Stone &
Youngberg, and Wedbush Securities. Our decision to select these three firms for final review
was based primarily on their experience with the issuance of tax allocation bonds, historic
issuance volume, strength of retail sales distribution channels, and bid pricing.
Recommendation
Urban Futures' final recommendation is the firm of Stone and Youngberg (S&Y). Our
recommendation is based on the following characteristics:
Since January of 2011, S&Y has served as lead manager or sole underwriter on the
issuance of approximately 28 taxable and tax exempt tax allocation bond series in the
State of California, constituting approximately three times more issues during this same
time frame than the other two finalists.
Demonstrated ability to underwrite and sell complex tax allocation bond issues during
the turmoil surrounding the Governor's Budget Proposal. We feel that this attribute is
immensely important, given the nature and timing of the CDC's proposed issuance. The
other two finalists did not participate in nearly as many transactions as S&Y during the
months of February through April, and the CDC will require the use of a firm whose sales
force and bankers are able to successfully structure and sell tax allocation bonds during
this tough time for California Redevelopment Agencies.
• Recent experience with the issuance of taxable and tax-exempt series of bonds,
incorporating the use of capital appreciation bonds where necessary. Given that the
issuance of bonds by the CDC will most likely incorporate taxable and tax-exempt series
of bonds, this experience is particularly relevant to the CDC. S&Y has issued 9 series of
taxable TABS since January of 2011.
• Recent experienced with the structure and sale of tax allocation bonds for issuers with
multiple project areas, negotiated and statutory pass through agreements, and large
taxpayers such as shopping malls located within project areas. In June of 2011, S&Y
served as Underwriter to the Brea Redevelopment Agency on the issuance of bonds that
included the aforementioned attributes, including a taxable series of bonds. While the
other two firms are also experienced with such issues, S&Y appears to have more recent
experience in this area than the other firms.
• Pricing: All three firms demonstrated the ability to competitively price bond issues in the
current market, as evidence by the spreads to MMD on their respective transactions. On
average, spreads for the three firms on the issuance of A rated tax exempt bonds fell in
the range of 128 — 300 basis points for maturities of between 1-10 years, with rates
within a 30 basis point range for the three firms on transactions with 20 year maturities.
• Ability of the Sales Force: All three firms possess a strong retail sales force, with retail
sales accounting for greater than 30% on recent transactions.
• Capital Commitments: The following is a summary of each firm's excess net capital
stock, underwriting ability, and demonstrated ability to take down a portion of
transactions.
Stone & Youngerg: Excess Net Capital- $15.285M; ability to underwrite $218M;
has recently taken down 100% of a tax allocation bond for a City to ensure the
successful closing of the transaction.
Piper Jaffray: Excess Net Capital- $188.294M; ability to underwrite
approximately $3 Billion.
Wedbush Securities: Excess Net Capital- $173.264M; ability to underwrite over
$2 Billion; has recently taken down 100% of a tax allocation bond for a City to
ensure the successful closing of the transaction.
All firms possess the capital stock necessary to underwrite bonds for the City of West
Covina, and all firms have demonstrated their willingness and ability to take down
bonds when necessary to ensure the successful closing of a transaction.
riTc1,.71:
In summary, all three firms possess the knowledge, experience, and ability to competitively
price tax allocation bonds. However, we feel that Stone and Youngberg's ability to structure and
sell tax allocation bonds during this tough time for redevelopment agencies is the most
important factor the CDC should consider. Based on this fact, Urban Futures recommends the
firm of Stone and Youngberg for this transaction.
City of West Covina
Memorandum
TO: Andrew G. Pasmant, City Manager ITEM NO. 12
and City Council , DATE: July 19, 2011
FROM: Michele L. McNeill
. Acting Human Resources Director arid Community Services Director
SUBJECT: URGENCY ORDINANCE AUTHORIZING AN AMENDMENT TO THE
CONTRACT WITH THE CALIFORNIA PUBLIC EMPLOYEES'
RETIREMENT SYSTEM.
RECOMMENDATION:
is recommended' that the City Council adopt the following Urgency Ordinance:
AN URGENCY ORDINANCE OF THE CITY COUNCIL OF• THE CITY OF
WEST COVINA, CALIFORNIA, AUTHORIZING AN AMENDMENT TO THE
CONTRACT BETWEEN THE CITY COUNCIL OF THE CITY OF WEST
COVINA AND THE BOARD OF ADMINISTRATION OF THE CALIFORNIA
PUBLIC EMPLOYEES' RETIREMENT SYSTEM.
DISCUSSION:
At the June 7, 2011 City Council meeting the city Council introduced an ordinance .authorizing
an amendment to the contract between the Board of Administration of CalPERS and the West
Covina City Council. The amendment affects local fire members entering membership for the
first time in the fire classification (Safety), amending the retirement benefit to 3% at 55. This
change is under negotiation with the West Covina Firefighter's Association.
The Human Resources Department is currently in the process of recruiting, testing, and
scheduling background/medical checks for the qualified firefighter applicants. Hiring the
employees will allow the City to capture immediate General Fund savings through the Staffing
for Adequate Fire & Emergency Response (SAFER) grant. Because of this, staff recommends
that the City Council adopt the Urgency Ordinance (Attachment No. 1) allowing the Human
Resources Department to extend offers of employment as early as July 20, 2011 under the new
retirement formula of 3% at 55.
This Urgency Ordinance will be adopted under the condition that the City reaches agreement
with the West Covina Firefighter's Association. In the event that the City does not meet
agreement, this Ordinance would be nullified and rescinded.
FISCAL IMPACT:
Adopting the Urgency Ordinance will continue to assist the City in addressing its long-term
pension costs. The 3% at 55 PERS formula wilt not result in immediate savings, but will
generate savings into the future as new fire-safety employees are hired.
d by: Michele L. McNeill
inity Services Director &
Human Resources Director
Reviewed /Approved by:
Finance
Attachments:
Attachment No. 1: Ordinance
Reviewed/Approved by: Thomas Bachman
Assistant City Manager
Attachment N
ORDINANCE NO.
AN URGENCY ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
WEST COVINA, CALIFORNIA, AUTHORIZING AN AMENDMENT TO THE
CONTRACT BETWEEN THE CITY COUNCIL OF THE CITY OF WEST
COVINA AND THE BOARD OF ADMINISTRATION OF THE CALIFORNIA
PUBLIC EMPLOYEES' RETIREMENT SYSTEM.
WHEREAS, the City of West Covina has made a determination regarding the
issue of providing PERS Benefit of 3% @ 55 for local fire members entering
membership for the first time in the fire classification; and
WHEREAS, the City elects to pursue an Urgency Ordinance, which would take
effect immediately following adoption, in order to realize the cost saving benefits of the
Staffing for Adequate Fire & Emergency Response (SAFER) grant and allow the Human
Resources Department to provide employment offers to new fire personnel under the
PERS formula of 3% @ 55; and
WHEREAS, the Public Employees' Retirement Law permits the participation of
public agencies and their employees in the Public Employee's Retirement System by the
execution of a contract, and sets forth the procedure by which said public agencies may
elect to subject themselves and their employees to amendments to said Law;
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF WEST
COVINA DOES ORDAIN AS FOLLOWS:
• SECTION 1. That an amendment to the contract between the City Council of the
City of West Covina and the Board of Administration, California Public Employees'
Retirement System is hereby authorized, a copy of said amendment being attached
hereto, marked Exhibit 1, and by such reference made a part hereof as though herein set
out in full.
SECTION 2. The Mayor of the West Covina City Council is hereby authorized,
empowered, and directed to execute said amendment for and on behalf of said Agency.
SECTION 3. The City Clerk shall certify the adoption of this Ordinance and
shall cause the same to be posted or published in the manner as required by law.
SECTION 4. This Urgency Ordinance shall take effect and be in force the date
following its passage.
APPROVED AND ADOPTED on this 20 th day of July 2011
ATTEST: Mayor Steve Herfert
City Clerk Laurie Carrico
I, LAURIE CARRICO, CITY CLERK of the City of West Covina, California, do her6by
certify that the foregoing Ordinance was regularly introduced and placed upon its first
reading at a regular meeting of the City Council on the 7 th day of June 2011. That
thereafter said Ordinance was duly adopted and passed at a regular meeting of the City
Council on the 20' day of July 2011,- by the following vote:
AYES:
NOES:
ABSENT:
City Clerk Laurie Carrico
APPROVED ASi TO FORM:
City Attorney Arnold Alvarez-Glasman
Exhibit 1
At ,
CalPERS
California
Public Employees' Retirement System
AMENDMENT TO CONTRACT
Between the
Board of Administration
California Public Employees' Retirement System
and the
• City Council
City of West Covina
The Board of Administration, California Public Employees' Retirement System,
hereinafter referred to as Board, and the governing body of the above public agency,
hereinafter referred to as Public Agency, having entered into a contract effective July 1,
1966, and witnessed May 26, 1966, and as amended effective November 1, 1968,
October 1, 1970, September 16, 1977, December 11, 1978, January 1, 1979, June 1,
1983, December 16, 1983, December 16, 1984, December 16, 1987, February 16,
1989, July 1, 1989, June 17, 1992, January 6, 1994, June 24, 1997, September 24,
1997, October 2, 1998, November 17, 1998, July 16, 1999; July 8, 2000, August 4,
2001, October 12, 2002, July 1, 2006 and January 8, 2011 which provides for
participation of Public Agency in said System, Board and Public Agency hereby agree
as follows:
A. Paragraphs 1 through 19 are hereby stricken from said contract as executed
effective January 8, 2011, and hereby replaced by the following paragraphs
numbered 1 through 20 inclusive:
All words and terms used herein which are defined in the Public
Employees' Retirement Law shall have the meaning as defined therein
unless otherwise specifically provided. "Normal retirement age" shall
mean age 55 for local miscellaneous members entering membership in
the miscellaneous classification on or prior to January 8, 2011, age 60 for
local miscellaneous members entering membership for the first time in the
miscellaneous classification after January 8, 2011, age 50 for local police
members and for those local fire members entering membership in the fire
classification on or prior to the effective date of this amendment to contract
and age 55 for local fire members entering membership for the first time in
the fire classification after the effective date of this amendment to contract.
2. Public Agency shall participate in the Public Employees' Retirement
System from and after July 1, 1966 making its emplOyees as hereinafter
provided, members of said System subject to a. of the Public
Employees' Retirement Law except such as apply only on election of a
ccintracting agency „and_ aranot provided for herein and to all amendments
to said Law hereafter enacted ex6ept thOse, whiCh by express provisions
thereof, apply only on,the election of a contracting agency.
3. Public Agency agrees to indemnify, defend and hOld harmless the
California Public:Employees' Retirement System (CalPERS) and its
trustees, agents and employees, the CalPERS Board of Administration,
and the California Public Employees' Retirement fund from any claims,
demands, actions, losses, liabilities, damages, judgments, expenses and
costs, including but not limited to, interest, penalties sand attorneys fees
that may arise as a result of any Of the following:
(a) Public Agency's election to provide retirement benefits,
provisions or formulas under this Contract that are different than
the retirement benefits, provisions -Or formulas provided under
the Public Agency's prior non-CalPERS retirement program.
(b), Public Agency's election to amend this:Contract to provide
retirement benefits, provisions or formulas that are different than
existing retirement benefits, provisions or formulas.
(c) Public Agency's agreement with a third party other than
CalPERS to provide retirement benefits, provisions, or formulas
that are different than the retirement benefits, provisions or
formulas provided under this Contract and provided for under
the California Public Employees' Retirement Law.
(d) PublicAgency's election to file for bankruptcy under Chapter 9
(cOmmenbing With seotion 901) of Title 11 of the United States
Bankruptcy Code and/or Public A6ency's election to reject this
Contract with the CalPERS Board of Administration pursuant to
section 365, of Title 11, 'of the United States Bankruptcy Code
or any similar provision of law.
(e) Public Agency's election to assign this Contract without the prior
written consent of the CalPERS' Board of Administration.
The termination of this Contract either voltintarilyby request of
Public Agency or involuntarily pursuant to the Public Employees'
,Retirement Law.
-
Changes sponsored by Public Agency in existing retirement
benefits, provisions or fOrmulas made as a result of
amendments, additions or deletion's to California statute or to
the California Constitution.
(f)
(g)
Employees of Public Agency in the following classes shall become
members of said Retirement System except such in each such class as
are excluded by law or this agreement:
a. Local Fire Fighters (herein referred to as local safety members);
Local Police Officers (herein referred to as local safety members);
c. Employees other than local safety members (herein referred to as
local miscellaneous members).
In addition to the classes of employees excluded from membership by
said Retirement Law, the following classes of employees shall not become
members of said Retirement System:
a. PERSONS COMPENSATED ON AN HOURLY BASISAND
EMPLOYEES AND FORMER EMPLOYEES RETAINING RIGHTS,
OR RECEIVING BENEFITS ON ACCOUNT OF RETIREMENT
FOR SERVICE UNDER THE LOCAL SYSTEM AS OF JULY 1,
1966.
Benefits being received under the local system on July 1, 1966 by
persons retired for disability shall be continued by the Public Employees'
Retirement System at the rate provided in the local system in accordance
with Section 20481 of the said Retirement Law, said rate being constituted
as follows:
a. A monthly lifetime allowance in the amount of one-half of the retired
person's basis salary at the date of disability retirement reduced by
the worker's compensation payments, each month during the
retired person's entitlement to such payments.
A $500 death benefit payable upon death of the retired person
described above.
Public Agency, in accordance with Section 20685 of the Government
Code, shall provide that the normal rate of contribution for those
employees who were members of the Local Retirement System be based
on age at entry into said local system.
Assets heretofore accumulated with respect to members in the local
retirement system have been transferred to the Public Employees'
Retirement System and applied against the liability for prior service
incurred thereunder. That portion of the assets so transferred which
represent the accumulated contributions (plus interest thereof) required of
the employees under said local system has been credited to the individual
membership account of each such employee under the Public Employees'
Retirement System.
This contract shall be a continuation of the contract of the San Gabriel
Valley Fire Authority. A portion of the function of The San Gabriel Valley
Fire Authority has been transferred to the City of West Covina. The
accumulated contributions, assets and liability for prior and current service
under the Former Agency's contract shall be merged pursuant to Section
20508 of the Government Code. Such merger occurred February 1, 1989.
10. The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member in
employment before and not on or after July 1, 2006 shall be determined in
accordance with Section 21354 of said Retirement Law (2% at age 55
Full).
11. The percentage of final compensation to be provided for each year of
'credited prior and current service as a local miscellaneous member in
employment on or after July 1, 2006 and not entering membership for the
first time in the miscellaneous classification after January 8, 2011 shall be
determined in accordance with Section 21354.4 of said Retirement Law
(2.5% at age 55 Full).
12. The percentage of final compensation to be provided for each year of
credited current service as a local miscellaneous member entering
membership for the first time in the miscellaneous classification after
January 8, 2011 shall be determined in accordance with Section 21353 of
said Retirement Law (2% at age 60 Full).
13. The percentage of final compensation to be provided for each year of
credited prior and current service as a local police member and for those
local fire members entering membership in the fire classification on or
prior to the effective date of this amendment to contract shall be
determined in accordance with Section 21362.2 of said Retirement Law
(3% at age 50 Full).
14. The percentage of final compensation to be provided for each year of
credited current service as a local fire member entering membership for
the first time in the fire classification after the effective date of this
amendment to contract shall be determined'in accordance with Section
21363.1 of said Retirement Law (3% at age 55 Full).
15. Public Agency elected and elects to be subject to the following optional
provisions:
a. Section 21389 (Second Opportunity to Elect 1959 Survivor
Benefits). Legislation repealed said Section effective September
27, 1979.
b. Section 21536 (Local System Service Credit Included in Basic
Death Benefit).
c. Section 20903 (Two- Years Additional Service Credit) for local
miscellaneous members only.
Sections 21624 and 21626 (Post-Retirement Survivor Allowance)
for local safety members only.
Section 20042 (One-Year Final Compensation).
ection 20965 (Credit for Unused Sick Leave).
Section 21622 ($600 Retired Death Benefit) for local fire members
only.
Section 21024 (Military Service Credit as Public Service).
Section 21574 (Fourth Level of 1959 Survivor Benefits).
Section 21548 (Pre-Retirement Option 2W Death Benefit) for local
safety members only.
k. Section 20475 (Different Level of Benefits). Section 21353 (2% @
60 Full formula) is applicable to local miscellaneous members
entering membership for the first time in the miscellaneous
classification after January 8, 2011.
Section 21363.1 (3% @ 55 Full formula) is applicable to local fire
members entering membership for the first time in the fire
classification after the effective date of this amendment to contract.
16. Public Agency, in accordance with Government Code Section 20790,
ceased to be an "employer" for purposes of Section 20834 effective on
September 16, 1977. Accumulated contributions of Public Agency shall
be fixed and determined as provided in Government Code Section 20834,
and accumulated contributions thereafter shall be held by the Board as
provided in Government Code Section 20834.
17. Public Agency shall contribute to said Retirement System the contributions
determined by actuarial valuations of prior and future service liability with
respect to local miscellaneous members and local safety members of said
Retirement System.
Public Agency shall also contribute to said Retirement System as follows:
Contributions required per covered member on account of the 1959
Survivor Benefits provided under Section 21574 of said Retirement
Law. (Subject to annual change.) In addition, all assets and
liabilities of Public Agency and its employees shall be pooled in a
single account, based on term insurance rates, for survivors of all
local miscellaneous members and local safety members.
A reasonable amount, as fixed by the Board, payable in one
installment within 60 days of date of contract to cover the costs of
administering said System as it affects the employees of Public
Agency, not including the costs of special valuations or of the
periodic investigation and valuations required by law.
c. A reasonable amount, as fixed by the Board, payable in one
installment as the occasions arise, to cover the costs of special
valuations on account of employees of PubliC Agency, and costs of
the periodic investigation and valuations required by law.
19. Contributions required of Public Agency and its employees shall be
subject to adjustment by Board on account of amendments to the Public
Employees' Retirement Law, and on account of the experience under the
Retirement System as determined by the periodic investigation and
valuation required by said Retirement Law.
20. Contributions required of Public Agency and its employees shall be paid
by Public Agency to the Retirement System within fifteen days after the
end of the period to which said contributions refer or as may be prescribed
by Board regulation. If more or less than the correct amount of
contributions is paid for any period, proper adjustment shall be made in
connection with subsequent remittances. Adjustments on account of
errors in contributions required of any employee may be made by direct
payments between the employee and the Board.
B. This amendment shall be effective on the day of _
BOARD OF ADMINISTRATION CITY COUNCIL
UBLIC EMPLOYEES' RETIREMENT SYSTEM CITY OF WEST COVINA
BY BY
DARRYL WATSON, CHIEF PRESIDING OFFICER
CUSTOMER ACCOUNT SERVICES DIVISION
UBLIC EMPLOYEES' RETIREMENT SYSTEM
Witness Date
Attest:
Clerk
AMENDMENT ER# 630
PER8-CON-702A
TO: Andrew G. Pasmant, City Manager
and City Council
FROM: Chris Freeland, Deputy City Manager
SUBJECT: DESIGNATION OF VOTING DELEGATE FOR LEAGUE OF
CALIFORNIA CITIES ANNUAL CONFERENCE
RECOMMENDATION:
It is recommended that the City Council designate a voting delegate and up to two alternates for the
League of California Cities Annual Conference.
DISCUSSION:
This year the League of California Cities Annual Conference is scheduled for Wednesday,
September 21 through Friday, September 23, 2011, in San Francisco. An important aspect of the
Annual Conference is the annual business meeting when the membership takes action on
conference resolutions. Annual conference resolutions guide the League and cities in their
efforts to improve the quality, responsiveness, and vitality of local government in California.
The annual business meeting will be held on Friday, September 23, 2011.
To expedite the conduct of business at this policy-making meeting, each City Council has been
requested to designate a voting representative and up to two alternates who will be present at the
annual business meeting. League bylaws entitle each City to one vote in matters affecting
municipal or League policy. A voting card will be given to the City official designated by the
City Council. If the Mayor or a member of the City Council is in attendance at the conference, it
is expected that one of these officials will be designated as the voting delegate. However, if the
City Council does not have a registered delegate at the conference, but will be represented by
other City officials, one of these officials should be designated as the voting delegate or alternate.
The voting delegate will pick up the City’s voting card at the designated Voting Card desk
located at the League’s registration area. The voting delegate and alternates must be registered to
attend the conference in order to vote. They need not register for the entire conference; they may
register for Friday only.
Prepared by:
___________________________
Chris Freeland
Deputy City Manager
City of West Covina
Memorandum
A G E N D A
ITEM NO. 13
DATE July 19, 2011