1981-365RESOLUTION NO. 81R-365
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM REAFFIRMING ITS SUPPORT FOR SB 680
AND URGING THE ORANGE COUNTY DIVISION OF THE
LEAGUE OF' CALIFORNIA CITIES TO ADOPT A
RESOLUTION REAFFIRMING ITS POSITION OF SUPPORT
FOR THIS LEGISLATION.
WHEREAS, the City of Anaheim and the Orange County
Division of the League of California Cities have supported
5B 680; and
WHEREAS, SB 680 has passed the Senate of the State
of California; and
WHEREAS, SB 680 has assumed the status of a Two
Year Bill in the Assembly of the State of California; and
WHEREAS, SB 680 provides that contingency reserves
shall first be used to fund deficiencies in interest earned,
losses under investments, and other contingencies. If, after
use of the reserves for the specified deficiencies, there
remains an amount in the reserve fund in excess of 2 percent
of the total assets of the system at the end of each fiscal
year, that amount shall be credited to employer and employee
accounts in the same manner that interest earned on invest-
ments is credited to these accounts; and
WHEREAS, the need exists for all cities and local
agencies of the State of California to restate their position
of support for this urgently needed legislation to control
the use of PER5' system interest earnings.
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Anaheim that it does reaffirm its efforts to
secure the passage of SB 680.
BE IT FURTHER RESOLVED that the City of Anaheim
does urge the Orange County Division of its League of
California Cities to reaffirm its active support of SB 680
during the next legislative session.
~' AND BE IT k,URTHER RESOLVED that the City Clerk is
hereby directed to forward a copy of this resolution to the
Orange County Division of the League of California Cities
and to all Orange County Senators and Assembly persons.
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FAL:jh
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THE FOREGOING RESOLUTIOC~T is approved and adopted
by the City Council of the City of Anaheim this 4th day of
August, 1981.
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, LINDA D. ROBERTS, City Clerk of the City of Anaheim, do hereby certify that
the foregoing Resolution No. 81R-365 was introduced and adopted at a regular
meeting provided by law, of the City Council of the City of Anaheim held on
the 4th day of August, 1981, by the following vote of the members thereof:
AYES: COUNCIL MEMBERS: Overholt, Kaywood, Bay, Roth and Seymour
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
AND I FURTHER CERTIFY that the Mayor of the City of Anaheim signed said
Resolution No. 81R-365 on the 4th day of August, 1981.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the
City of Anaheim this 4th day of August, 1981.
LINDA D. ROBERTS, CITY CLERK
BY
DEPUTY CITY CLERK
(SEAL)
I, LINDA D. ROBERTS, City Clerk of the City of Anaheim, do hereby certify that
the foregoing is the original of Resolution No. 81R-365 duly passed and
adopted by the Anaheim City Council on August 4, 1981.
LINDA D. ROBERTS, CITY CLERK
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DEPUTY CITY CLERK