SUPERIOR COURT OF THE STATE OF CALIFORNIA
COUNTY OF LASSEN
CITY OF SUSANVILLE,
ALL PERSONS INTERESTED IN THE MATTER OF THE ISSUANCE AND SALE OF BONDS FOR THE PURPOSE OF REFUNDING CERTAIN OBLIGATIONS OWED BY THE CITY OF SUSANVILLE TO THE PUBLIC EMPLOYEES’ RETIREMENT SYSTEM UNDER THE PUBLIC EMPLOYEES’ RETIREMENT LAW, AND ALL PROCEEDINGS LEADING THERETO, INCLUDING THE ADOPTION OF RESOLUTION NO. 21-5942 OF THE CITY COUNCIL OF THE CITY OF SUSANVILLE AUTHORIZING THE ISSUANCE AND SALE OF SUCH BONDS AND AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST AGREEMENT AND RELATED DOCUMENTS,
Case No. JC64022
SUMMONS (Cal. Civ. Proc. Code § 861)
NOTICE! You have been sued. The court may decide against you without your being heard unless you respond by February 28, 2022. Read the information below.
¡AVISO! Lo han demandado. Si no responde February 28, 2022 la corte puede decidir en su contra sin escuchar su versión. Lea la información a continuación.
NOTICE TO DEFENDANTS:
TO ALL PERSONS INTERESTED IN THE MATTER OF THE ISSUANCE AND SALE OF BONDS FOR THE PURPOSE OF REFUNDING CERTAIN OBLIGATIONS OWED BY THE CITY OF SUSANVILLE TO THE PUBLIC EMPLOYEES’ RETIREMENT SYSTEM UNDER THE PUBLIC EMPLOYEES’ RETIREMENT LAW, AND ALL PROCEEDINGS LEADING THERETO, INCLUDING THE ADOPTION OF RESOLUTION NO. 21- 5942 OF THE CITY COUNCIL OF THE CITY OF SUSANVILLE AUTHORIZING THE ISSUANCE AND SALE OF SUCH BONDS AND AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST AGREEMENT AND RELATED DOCUMENTS,
YOU ARE BEING SUED BY PLAINTIFF:
CITY OF SUSANVILLE.
You may contest the legality or validity of the matter by appearing and filing a written answer to the Complaint not later than February 28, 2022, which is 10 days or more after the anticipated completion of publication of this Summons. Unless you so respond, your default will be entered upon application by the Plaintiff, and the Plaintiff may apply to the court for the relief demanded in the Complaint. Persons who contest the legality or validity of the matter will not be subject to punitive action, such as wage garnishment or seizure of their real or personal property.
You may seek the advice of an attorney in any matter connected with the Complaint or this Summons. Such attorney should be consulted promptly so that your pleading may be filed or entered within the time required by this Summons.
DETAILED SUMMARY OF THE MATTER PLAINTIFF SEEKS TO VALIDATE:
The City of Susanville (“City”) provides its employees with a retirement plan under California Government Code Section 20000, et seq. (the “Retirement Law”). The Retirement Law obligates the City, among other things, to: make annual contributions to the California Public Employees Retirement System (the “System”) to fund employee pension benefits; amortize the unfunded liability with respect to such pension benefits for retired safety and miscellaneous employees (the “Pension Liability”); and appropriate funds to meet these obligations.
The City has entered into contracts with the System (collectively, the “CalPERS Contract”) that evidence the City’s obligations under the Retirement Law (the “Pension Obligation”). Pursuant to the Pension Obligation and the CalPERS Contract, the City currently must pay certain unfunded accrued actuarial liability of the City under the Retirement Law and CalPERS Contract, i.e., the liability that the Retirement System’s actuary has determined to have accrued under the Retirement Law but not paid through the City’s normal annual contribution.
To that end, on December 1, 2021, the City Council adopted Resolution No. 21-5942 (the “Resolution”), authorizing the issuance of the Pension Obligation Bonds; a trust agreement, to be entered into by the City and a financial institution, to carry out the bond issuance (the “Trust Agreement”); and this validation action. Accordingly, and pursuant to California Code of Civil Procedure Sections 860, et seq. and Government Code Sections 53511, et seq., the City now seeks to validate the Pension Obligation Bonds, the Trust Agreement, the Resolution, any other related contracts or agreements authorized or contemplated by the City to be entered into in connection with the issuance of the Bonds and all proceedings leading thereto.
The name and address of the court is as follows:
Superior Court of California, County of Lassen
2610 Riverside Dr.
Susanville, CA 96130
The name, address, and telephone number of plaintiff’s attorney is as follows:
WEIST LAW LLP
20 S. Santa Cruz Ave., Suite 300
Los Gatos, CA 95030
Telephone: (831) 438-7900; Facsimile: (831) 438-7901.
E-mail: [email protected]