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2014 Senate Bill 922: Authorize local “pension obligation bonds”

Public Act 297 of 2014

Introduced by Sen. Jack Brandenburg (R) on May 1, 2014 To extend for one year the Dec. 31, 2014 sunset on a law passed in 2012 to allow local governments to borrow money to cover unfunded employee pension liabilities, which is allowed if the local has closed its traditional “defined benefit” pension system to new employees.   Official Text and Analysis.
Referred to the Senate Finance Committee on May 1, 2014
Reported in the Senate on June 10, 2014 With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Passed 38 to 0 in the Senate on June 12, 2014 To extend for one year the Dec. 31, 2014 sunset on a law passed in 2012 to allow local governments to borrow money to cover unfunded employee pension liabilities, if the local has closed its traditional “defined benefit” pension system to new employees.
Received in the House on June 12, 2014
Referred to the House Financial Liability Reform Committee on June 12, 2014
Reported in the House on September 11, 2014 Without amendment and with the recommendation that the bill pass.
Passed 107 to 1 in the House on September 23, 2014 (same description)
To extend for one year the Dec. 31, 2014 sunset on a law passed in 2012 to allow local governments to borrow money to cover unfunded employee pension liabilities, which is allowed if the local has closed its traditional “defined benefit” pension system to new employees.
Signed by Gov. Rick Snyder on September 30, 2014

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