HomeMy WebLinkAboutMINUTES - 07251989 - 1.56 IM-01
5 6
-:UIJ�
' TO BOARD OF SUPERVISORS nn
FROM: Phil Batchelor, County Administrator �Jwtra
DATE: July 13, 1989 CW*
i "r
SUBJECT: RETIREMENT CONTRIBUTION AGREEMENT RELATED TO
1989-90 BORROWING PROGRAM
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
r'
RECOMMENDATION:
Approve the attached agreement between the County and the Retirement
Board; which accomplishes a payment of the County' s retirement
contribution for 1989-90 , and authorize the Auditor-Controller or
Treasurer-Tax Collector to. fill in the final amount, not to exceed
$22 . 0 million.
FINANCIAL IMPACT:
The money to be paid is part of the County' s yearly Borrowing Program.
Interest earnings will occur on the funds, resulting, in effect, in a
reduction in the total retirement contribution made by the County.
Since the actual amount of the payment will not be known until the
interest rates are firmly established later in the month, the Auditor
or Treasurer should be authorized to fill in the appropriate amount,
not to exceed the total expected payment of less than $22 . 0 million.
CONTINUED'ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON jut A.IPROVED AS RECOMMENDED OTHER _
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS (ABSENT ) AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: _ OF SUPERVISORS ON THE DATE SHOWN.
CC: County Administrator ATTESTED JULU
L I) U 7989
.�
Auditor-Controller PHIL BATCHELOR, CLERK OF THE BOARD OF
Treasurer-Tax Collector SUPERVISORS AND COUNTY ADMINISTRATOR
Retirement Administrator
BY (/ DEPUTY
M382/7-83 —