Santa Ana Municipal Code Art. XIV Special Pension Obligations Fund

Footnotes:

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Editor's note— Section 3 of Ord. No. NS-1839, adopted March 3, 1986, amended this chapter by the addition of provisions designated as Art. XIII. §§ 13-115—13-120, which provisions have been redesignated and included herein as Art. XIV. §§ 13-130—13-135 in order to facilitate inclusion in this chapter.

There is hereby created and established the special pension obligations fund, which shall be held and administered by the director of finance, the city manager and the city attorney as custodians. The special pension obligations fund shall be established as a special fund for the purpose of receiving, holding and disbursing amounts relating to the pension obligations of the city and shall not be used for any other purpose.

(Ord. No. NS-1839, § 3, 3-3-86)

The city shall deposit into the special pension obligations fund, promptly upon the receipt thereof, all amounts relating to the pension obligations of the city. Such amounts shall include, without limitation, (a) all gross revenues and amounts derived with respect to the annuities, and (b) all amounts required to be paid by the city to the Public Employees' Retirement System ("PERS") organized and existing pursuant to the Public Employees' Retirement Law of the State of California (constituting Part 3 of Division 5 of the Government Code of the State of California). All amounts deposited into the special pension obligations fund shall be deemed to be special funds derived with respect to the pension obligations of the city, and shall be accounted for separately and apart from all other monies, funds and accounts of the city and shall not be used for any other purpose.

(Ord. No. NS-1839, § 3, 3-3-86)

Amounts in the special pension obligations fund shall be expended solely for the purpose of financing the pension obligations of the city.

(Ord. No. NS-1839, § 3, 3-3-86)

The city may pledge, and may grant a security interest in and lien upon, all or any portion of the amounts deposited into the special pension obligations fund for the purpose of securing the payment of all or any portion of the pension obligations of the city.

(Ord. No. NS-1839, § 3, 3-3-86)

As used in this article, the term "pension obligations" shall mean all obligations of the city to finance the retirement system of the city, including but not limited to (a) the obligations of the city to make payment to the public employees' retirement system pursuant to the contract (the "PERS Contract") between the city and PERS dated as of November 25, 1946, as amended from time to time, and (b) the obligations of the city to pay installments of the purchase price of the annuities.

(Ord. No. NS-1839, § 3, 3-3-86)

As used in this article, the term "annuities" shall mean all annuities purchased by the city with respect to beneficiaries under the PERS contract, including but not limited to all annuities purchased by the city from the Santa Ana Financing Corporation.

(Ord. No. NS-1839, § 3, 3-3-86)