§ 4.44.010. General provisions and definitions.

A.

Title. This chapter may be cited as the PFRS pension obligation bond law.

B.

Purpose. The Council finds and declares that it is necessary, essential, a public purpose and a municipal affair for the city to be authorized to finance all or a portion of the obligations of the city to the police and fire retirement system under the retirement law, from time to time as determined by the city, in the interests of the public health, safety and welfare.

C.

Definitions. Unless the context otherwise requires, the following definitions shall govern the construction of this Chapter:

"Bonds" means any bonds, notes, interim certificates, or other obligations and evidences of indebtedness issued by the city pursuant to this Chapter.

"Chapter" means this Chapter 4.44 of the Oakland Municipal Code, as amended from time to time.

"Charter" means the Charter of the city, as amended from time to time.

"City" means the city of Oakland, California, a charter city in the state existing under and exercising powers pursuant to the Charter and the Constitution of the state.

"Costs" means all costs representing or relating to the obligations of the city to the system under Article XXVI of the Charter, and shall include, but not be limited to, the following: (1) the costs of services provided to implement the program, including costs of consultants, advisors, actuaries, accountants, planners, attorneys, financial and feasibility consultants, in each case, whether an employee of the city or an independent consultant; (2) costs of the city properly allocated to the program and with respect to costs of its employees or other labor costs, including the cost of medical, pension, retirement and other benefits as well as salary and wages and the allocable costs of administrative, supervisory and managerial personnel and the properly allocable cost of benefits provided for such personnel; (3) costs of amortizing any unfunded accrued actuarial liability of the system; (4) financing expenses, including costs related to issuance of and securing of bonds, costs of credit facilities, liquidity facilities, municipal bond insurance or any other kind of credit enhancement relating to the bonds, any amount to be deposited in any debt service reserve fund, the cost of any reserve fund surety policy, trustee's and paying agent's fees and expenses; (5) any interest rate swap termination payments due under a swap relating to any series of bonds or the failure to issue bonds, or any payments due upon initiation of any swap arrangement; and (6) such other costs and expenses that can be capitalized under generally accepted accounting principles in effect at the time the cost is incurred by the city.

"Council" means the Council of the city.

"Debentures" means any one or more of the obligations or evidences of indebtedness issued by the city in favor of the system, which may be denominated "Pension Obligation Debentures" or by such other appellation selected by the city in the proceedings relating thereto, which evidence all or a portion of the obligations of the city imposed by the retirement law.

"Program" means the program of the city established pursuant to the provisions hereof, to finance the obligations of the city pursuant to the retirement law; "Retirement law" means Article XXVI of the City Charter and, as such may be amended from time to time.

"State" means the state of California.

"System" means the police and fire retirement system of the city established and operating pursuant to Article XXVI of the City Charter.

"Tax override" means the proceeds of the tax levied by the city pursuant to Measure R adopted by the voters of the city on June 8, 1976, as amended, for the purpose of amortizing the obligations of the city to the system by the year 2026.

(Ord. 11851 § 1 (part), 1996: prior code § 20-1.01—20-1.03)