07-0610R


RESOLUTION AUTHORIZING TRANSFER IN FISCAL YEAR 2008 OF $1,200,000 FROM COMMUNITY INVESTMENT FUND 256 TO OTHER POST EMPLOYMENT BENEFITS FUND 280 FOR DEPOSIT INTO THE IRREVOCABLE TRUST FUND ADMINISTERED BY PERA AND INVESTED BY THE STATE BOARD OF INVESTMENT.

BY COUNCILOR STEWART:

     RESOLVED, that in accordance with Amendment 1 to Resolution 07-0283, as approved by Council on April 23, 2007, a total of $1.2 million shall be transferred from Community Investment Fund 256, established by Section 54(E) of the Charter, to Other Post Employment Benefits Fund 280. Such funds shall be periodically transferred to the OPEB irrevocable trust fund administered by Public Employees Retirement Association (PERA) and invested by the State Board of Investment (SBI); provided that all such transfers shall be completed on or before October 1, 2008.


STATEMENT OF PURPOSE:  This resolution seeks approval for the transfer of funds from community investment fund for OPEB funding in 2008, as authorized by Resolution 07-0283, Amendment 1. This resolution requires seven votes for passage.