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2009 House Bill 4074: Authorize “pension obligation bonds” for local government retiree health benefits
Introduced by Rep. Mary Valentine D- on January 22, 2009
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). Official Text and Analysis.
Referred to the House Judiciary Committee on January 22, 2009
Reported in the House on February 18, 2009
Without amendment and with the recommendation that the bill pass.
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 on March 5, 2009
Referred to the Senate Appropriations Committee on March 5, 2009