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RESOLUTION 01-18 <br /> RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS ALTOS HILLS <br /> APPROVING THE ADOPTION OF THE PUBLIC AGENCIES POST-EMPLOYMENT <br /> BENEFITS TRUST ADMINISTERED BY PUBLIC AGENCY RETIREMENT <br /> SERVICES (PARS) <br /> WHEREAS PARS has made available the PARS Public Agencies Post-Employment Benefits <br /> Trust (the `Program") for the purpose of pre-funding pension obligations and/or OPEB <br /> obligations; and <br /> WHEREAS the Town of Los Altos Hills ("Town") is eligible to participate in the Program, a <br /> tax-exempt trust performing an essential governmental function within the meaning of Section <br /> 115 of the Internal Revenue Code, as amended, and the Regulations issued there under, and is a <br /> tax-exempt trust under the relevant statutory provisions of the State of California; and <br /> WHEREAS the Town's adoption and operation of the Program has no effect on any current or <br /> former employee's entitlement to post-employment benefits; and <br /> WHEREAS the terms and conditions of post-employment benefit entitlement, if any, are <br /> governed by contracts separate from and independent of the Program; and <br /> WHEREAS the Town's funding of the Program does not, and is not intended to, create any <br /> new vested right to any benefit nor strengthen any existing vested right; and <br /> WHEREAS the Town reserves the right to make contributions, if any, to the Program. <br /> NOW THEREFORE, the City Council of the Town of Los Altos Hills does hereby resolve as <br /> follows: <br /> 1. The City Council hereby adopts the PARS Public Agencies Post-Employment <br /> Benefits Trust, effective January 22, 2018; and <br /> 2. The City Council hereby appoints the City Manager, or his successor or designee as <br /> the Town's Plan Administrator for the Program; and <br /> 3. The Town's Plan Administrator is hereby authorized to execute the PARS legal and <br /> administrative documents on behalf of the Town and to take whatever additional <br /> actions are necessary to maintain the Town's participation in the Program and to <br /> maintain compliance of any relevant regulation issued or as may be issued; therefore, <br /> authorizing him/her to take whatever additional actions are required to administer the <br /> Town's Program; and <br /> 4. The City Council authorize the transfer of$500,000 to PARS Public Agencies Post- <br /> Employment Benefits Trust, upon adoption Investment Guideline/Investment Policy. <br /> Resolution Ol-IN Page I <br />