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. Unlike other local government borrowing (usually called “bonding” or “selling bonds”), no vote of the people would be required, unless lenders (bond buyers) are given a “full faith and credit” repayment promise.   Official Text and Analysis.

With the recommendation that the substitute (S-2) be adopted and that the bill then pass.

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. Unlike other local government borrowing (usually called “bonding” or “selling bonds”), no vote of the people would be required.

With the recommendation that the substitute (H-1) be adopted and that the bill then pass.

To allow local governments with lower credit ratings than the "AA" rating required by the bill to also incur "pension obligation" debt.

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. Unlike other local government borrowing (usually called “bonding” or “selling bonds”), no vote of the people would be required. The bill would also allow new debt to cover future retiree health care benefits, while nevertheless stating that these are not an enforceable obligation.

To concur with the House-passed version of the bill.