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City of San Jose
Meeting:
City Council Study Session - Pension Obligation Financing Options
Meeting Time: April 23, 2021 at 9:00am PDT
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Closed for Comment April 23, 2021 at 7:30am PDT
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Agenda Items
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9:00 a.m - 12:00 p.m.
21-937 Council Study Session Pension Obligation Financing Options.
Legislation Text
Memorandum
Attachment A - Municipal Advisor's Report FINAL 4-16-21
Attachment B - Bond Counsel Memorandum on Validation Process
Attachment C - Girard Miller Biography
Attachment D - Recommended Pre-Study Session Reading Materials
Presentation - Est. 2 hours
1. City Manager's Introductions and Opening Comments
2. Part I - Review of Problem and Efforts to Date
• The Challenge • Past Efforts to Correct Problem • Present Efforts to Find Solutions
3. Part II - Pension Obligation Financing Options
• Financing structures analyzed • Quick Review/Refresh: Pension Obligation Bonds (POBs) • Guest Speaker: Gerard Miller • Counterpoint: Understanding the reasons NOT to issue POBs • Perspective on GFOA's Advisory to not issue POBs
4. Part III - The City's Municipal Advisor's Report
• Presentation of Municipal Advisor's Report: Urban Futures Inc. • Structuring "POBs 2.0" • Mitigating the Risks of POBs • Selected Case Studies
5. Part IV - Municipal Advisor's Report - Analysis of Potential San José POBs
• City Policy Considerations • Base Case - A Sample Structure Based on City Policy Considerations • Stress Testing of San José Scenarios • Variations on the Base Case
6. Part V: Closing Thoughts and Next Steps
7. Public Comment
8. Council Q&A
• Adjournment
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