BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Receive and Discuss Information Regarding Pension Liability and the Potential Use of Pension Obligation Bonds. (Continued from July 28, 2020)
End
RECOMMENDATION:
Recommendation
Receive and discuss information regarding pension liability and the potential use of pension obligation bonds and provide staff with further direction as necessary.
Body
SUMMARY:
At its regular meeting on May 12, 2020, the Board of Directors of the Santa Clara Valley Water District (Valley Water) requested staff to provide information regarding Valley Water’s pension liability and the potential use of Pension Obligation Bonds (POBs) as a mechanism to fund all or a portion of Valley Water’s unfunded accrued pension liability. In response to the Board’s request, Finance staff, along with Valley Water’s municipal advisor (Public Resources Advisory Group) and bond counsel (Stradling Yocca Carlson & Rauth), will review and discuss information regarding pension liability and financing scenarios with the Board.
FINANCIAL IMPACT:
There is no financial impact related to this report.
CEQA:
The recommended action does not constitute a project under CEQA because it does not have a potential for resulting in direct or reasonably foreseeable indirect physical change in the environment.
ATTACHMENTS:
Attachment 1: PowerPoint
UNCLASSIFIED MANAGER:
Manager
Darin Taylor, 408-630-3068