Introduced by Rep. Paul Opsommer R-Dewitt on June 5, 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. 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.
Referred to the House Appropriations Committee on June 5, 2012