DISCLAIMER

 

07-0241R


RESOLUTION TRANSFERRING FUNDS FROM COMMUNITY INVESTMENT TRUST FUND TO OTHER POST EMPLOYMENT BENEFITS FUND IN AMOUNT OF $7,200,000.

BY COUNCILOR KRAUSE:

     RESOLVED, that a total of $7.2 million shall be transferred from the Community Investment Trust Fund 256, established by Section 54(E) of the Charter, to the Other Post Employment Benefits Fund 280, or to an irrevocable trust for this purpose, which trust is authorized by law, at the times and in the amounts as follows:

     (a)  $1,200,000 within 90 days of passage of this resolution;

     (b)  $2,000,000 in 2008, payable in equal installments of $500,000 on February 15, May 15, August 15 and November 15;

     (c)  $2,000,000 in 2009, payable in equal installments of $500,000 on February 15, May 15, August 15 and November 15;

     (d)  $2,000,000 in 2010, payable in equal installments of $500,000 on February 15, May 15, August 15 and November 15.

     In any event, the funds so transferred shall be used only for the purpose of funding retiree health care benefits, or, if not needed for that purpose, for the purpose of being transferred back into the community investment trust fund.


STATEMENT OF PURPOSE:  This resolution transfers money for use for OPEB funding in the same amount as once planned for the Kroc Center. It requires seven votes for passage.