2022-060 – Approving an Agreement with the Paris Firefighters’ Relief and Retirement Fund Pertaining to the General Obligation Pension Bonds, Taxable Series 2022

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(� following the events described in Section 3(e) above, the City will (i) continue to honor its funding obligations pursuant to the requirements of the Fund to the 2022 Fund Beneficiaries and (ii) make provision for all current and future Firefighters to participate in TMRS on the same basis as other City employees who participate in TMRS; and (g) the City will issue the Bonds and provide for the payment of the debt service on the Bonds. 4. The Board acknowledges and agrees that: (a) the Board agrees to accept the deposit set forth in paragraph 3(c) above when made; (b) the Board has fiduciary responsibility for the assets of Fund and has the duty to oversee the investment and expenditure of the assets of Fund; (c) the Board agrees that such deposit, when made, shall be applied to the City's 2022 UAAL as determined in the annual actuarial valuation performed by the City's actuary; (d) following the events described in Section 3(e) above, no further increases or substantive changes may be made to the Fund, and only the 2022 Fund Beneficiaries shall be entitled to any portion of the benefits of the Fund, in effect "freezing" the Fund for the 2022 Fund Beneficiaries and foreclosing the Fund to any new participants not already provided for under the Fund; and (e) upon final payout to the last person qualifying as a 2022 Fund Beneficiary, any remaining amounts in the Fund shall be allocated in accordance with applicable State law. 5. This Agreement may be amended only by a written instrument executed by the parties hereto. This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same agreement. SIGNATURE PAGE TO FOLLOW