11-13 - Paris Firefighters Relief & Retirement Fund - Pension Bond - Freeze Fire Pension - Transfer Employees to TMRS

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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, APPROVING AN AGREEMENT WITH THE PARIS FIREFIGHTERS' RELIEF AND RETIREMENT FUND PERTAINING TO THE CITY OF PARIS, TEXAS, GENERAL OBLIGATION PENSION BONDS, TAXABLE SERIES 2022; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on the date hereof, the City Council of the City (the "Council") adopted an ordinance authorizing the issuance of the City of Paris, Texas, General Obligation Pension Bonds, Taxable Series 2022 (the "Bonds") pursuant to Chapter 107, Texas Local Government Code ("Chapter 107"), for the purpose of funding all or any part of the unfunded, accrued liability of the City to the Paris Firefighters' Relief and Retirement Fund (the "PFRRF"), as determined by actuarial analysis (the "Unfunded Liability"); and WHEREAS, Section 107.003, Texas Local Government Code, requires that the Council enter into a written agreement with the Board of Trustees of the PFRRF (the "Board"), which is the governing body of the PFRRF, which written agreement (the "Pension Obligation Agreement") must state the amount of the Unfunded Liability and the date or dates on which the PFRRF will accept the net proceeds of the Bonds to be issued in payment of all or a portion of the Unfunded Liability; and WHEREAS, the Council desires to enter into the Pension Obligation Agreement in compliance with Chapter 107 and in connection with the issuance of the Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. The recitals set forth in the preamble of this Resolution are true and correct in all material respects. Section 2. The Council hereby approves the Pension Obligation Agreement by and between the City and the Board in substantially the form attached hereto as Exhibit A. The Mayor is hereby authorized to execute the Pension Obligation Agreement and the City Clerk may attest such signature. Section 3. It is hereby found, determined, and declared that sufficient written notice of the date, hour, place, and subject of this meeting of the Council was posted at a place convenient to the public at the City Hall of the City for the time required by law preceding this meeting, as required by the Open Meetings Act, Chapter 551, Texas Government Code, and that this meeting has been open to the public as required by law at all times during which this Resolution and the subject matter thereof has been discussed, considered and formally acted upon. Council further ratifies, approves and confirms such written notice and the contents and posting thereof. Section 4. This Resolution shall be effective immediately upon its adoption.