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Resolutions
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Reaffirming the Shared Pension Obligation Loan Agmt and Promissory Note
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RESOLUTION NO. 29 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, <br />CALIFORNIA, AS SUCCESSOR AGENCY TO THE REDEVELOPMENT <br />AGENCY OF THE CITY OF RIVERSIDE REAFFIRMING THE SHARED <br />PENSION OBLIGATION LOAN AGREEMENT AND PROMISSORY NOTE. <br />WHEREAS, on November 14, 1967, the City Council adopted Ordinance No. 3481 creating a <br />redevelopment agency ("Former Redevelopment Agency"); and <br />WHEREAS, on September 10, 1969, by Resolution No. 11340, the City Council determined <br />that a separate community group would serve as members of the Former Redevelopment Agency; and <br />WHEREAS, on December 12, 1972, the Former Redevelopment Agency and the Board of <br />Administration of the Public Employees Retirement System ("Ca1PERS") entered into a contract <br />("Former Redevelopment Agency Ca1PERS Contract") requiring the Former Redevelopment Agency <br />to participate in the Public Employees' Retirement System and making its employees member of that <br />system, effective February 1, 1973; and <br />WHEREAS, prior to August 4, 1987, the Former Redevelopment Agency employed its own <br />staff separate and apart from City staff; and <br />WHEREAS, those employees acted on behalf of and for the benefit of the Former <br />Redevelopment Agency performing tasks associated with and consistent with Redevelopment Law; <br />and <br />WHEREAS, on August 4, 1987, as part of a plan to establish a new Development Department <br />within the City and merge redevelopment administrative functions into that department, all aspects of <br />redevelopment administration were transferred to the new City Development Department; and <br />WHEREAS, all Former Redevelopment Agency employees thereafter became employees of <br />the City, still performing functions associated with the Former Redevelopment Agency and consistent <br />with Redevelopment Law; and <br />WHEREAS, after the administrative functions of the Former Redevelopment Agency were <br />merged with the City's Development Department, the annual budget of the Former Redevelopment <br />Agency was merged with the City's annual budget, including budgeted expenses for the Former <br />Redevelopment Agency's personnel costs which included pension obligations under the Former <br />
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