Fiscal Year 2005 Payment Clause Samples

Fiscal Year 2005 Payment. Notwithstanding any other term or provision of this Agreement to the contrary, the amount of the City’s Fiscal Year 2005 contribution to SDCERS shall be the total sum of $130 million, which shall be paid to SDCERS on July 1, 2004. All parties recognize that this amount is below the actuarially computed contribution rate for Fiscal Year 2005, but the amount represents a compromise of highly disputed contentions by all parties. To secure payment of that $130 million Contribution Amount for Fiscal Year 2005, the City will execute, acknowledge, record and deliver to SDCERS, within 20 days of the Court’s entry of judgment approving the Agreement, a Deed of Trust in form and content as set forth on Exhibit C attached hereto and incorporated herein by reference. Within 20 calendar days after payment of the $130 million contribution amount for Fiscal Year 2005, SDCERS will execute and deliver to the trustee under the Exhibit C Deed of Trust a request for full reconveyance thereof.