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To authorize the issuance of general obligation bonds of the City of Richmond, Virginia (the "City") in the maximum principal amount of $150,000,000 to finance the cost of funding a portion of the City's unfunded actuarial accrued liability to the Richmond Retirement System, as initially adopted November 18, 1952, by Ordinance No. 52-189-175, as subsequently amended and restated (the "RRS"), with respect to the City's defined benefit retirement plan for City employees; to authorize the establishment and funding of an irrevocable trust under Section 115 of the Internal Revenue Code to provide the City budget flexibility with respect to its current and future contributions to RRS; to authorize the Director of Finance, with the approval of the Chief Administrative Officer, to negotiate, execute and deliver a Section 115 Trust Agreement, for and on behalf of the City; to authorize the Director of Finance, with the approval of the Chief Administrative Officer, for and on behalf of the City, to sell such bonds for such projects, to provide for the form, details and payment of such general obligation bonds; to authorize the issuance of general obligation notes of the City in anticipation of the issuance of such general obligation bonds; and to authorize the issuance of taxable general obligation bonds, for the same purposes and uses, in the same maximum principal amount and payable over the same period as such general obligation bonds.
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WHEREAS, the Public Finance Act of 1991, Sections 15.2-2600 et seq. of the Code of Virginia of 1950, as amended (the "Public Finance Act"), permits the issuance of bonds, when authorized by the Council (the "Council") of the City of Richmond, Virginia (the "City"), at one time or from time to time in one or more series, in order to finance the cost of projects for the purposes hereinafter described; and
WHEREAS, it is the consensus of the Council of the City that the City should authorize the issuance and sale of either ta...
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