2009 House Bill 4074

Authorize “pension obligation bonds” for local government retiree health benefits

Introduced in the House

Jan. 22, 2009

Introduced by Rep. Mary Valentine (D-91)

To establish that the local government retiree health benefit bonds sold by municipalities to incur the new debt proposed by House Bill 4075 would be secured by the unit’s general fund and would be “general obligation limited tax" bonds. The local government could only levy a new tax to cover this debt if the borrowing is approved by voters (which is not automatically required by HB 4075).

Referred to the Committee on Judiciary

Feb. 18, 2009

Reported without amendment

Without amendment and with the recommendation that the bill pass.

March 4, 2009

Passed in the House 107 to 1 (details)

To establish that the local government retiree health benefit bonds sold by municipalities to incur the new debt proposed by House Bill 4075 would be secured by the unit’s general fund and would be “general obligation limited tax" bonds. The local government could only levy a new tax to cover this debt if the borrowing is approved by voters (which is not automatically required by HB 4075).

Received in the Senate

March 5, 2009

Referred to the Committee on Appropriations