Fresno Municipal Code Art. 1 Pension Obligation Law—general Provisions and Definitions

This article may be cited as the City of Fresno Pension Obligation Bond Law.

(Added Ord. 93-77, § 1, eff. 1-14-93; Ord. 94-1, eff. 2-4-94; Am. Ord. 2007-97, § 2, eff. 1-19-08).

The Council hereby finds and declares that it is necessary, essential, a public purpose and a municipal affair for the city to be authorized to refund the pension obligations of the city in the interests of the public health, safety and welfare.

(Added Ord. 93-77, § 1, eff. 1-14-93; Ord. 94-1, eff. 2-4-94; Am. Ord. 2007-97, § 2, eff. 1-19-08).

Unless the context otherwise requires, the following definitions shall govern the construction of this division:

(a) "Bonds" means any bonds, notes, interim certificates, debentures or other obligations issued by the city pursuant to this division, which are payable from any available funds of the city.

(b) "Debentures" means the pension obligation debentures issued by the city in favor of the Systems, which evidence the indebtedness of the city imposed by the Retirement Law.

(c)—(f)

Reserved.

(g) "Program" means the program of the city under which the city will issue bonds for the purpose of refunding the debentures.

(h) "Retirement Law" means Section 1100 of the City Charter and Ordinance No. 5313 (current Articles 3, 4 and 5 of Chapter 3 of the Fresno Municipal Code), as such may be amended from time to time.

(i) "State" means the State of California.

(j) "Systems" means the City of Fresno Fire and Police Retirement System, Second Tier of the Fire and Police Retirement System and the City of Fresno Employees' Retirement System.

(Added Ord. 93-77, § 1, eff. 1-14-93; Ord. 94-1, eff. 2-4-94; Am. Ord. 2007-97, § 2, eff. 1-19-08).