Introduced
by
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.
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the substitute (S-2) be adopted and that the bill then pass.
Substitute offered
The substitute passed by voice vote
Passed in the Senate 25 to 11 (details)
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.
Referred to the Committee on Appropriations
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
The substitute passed by voice vote
Amendment offered
by
To allow local governments with lower credit ratings than the "AA" rating required by the bill to also incur "pension obligation" debt.
The amendment failed by voice vote
Passed in the House 77 to 30 (details)
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.
Passed in the Senate 26 to 9 (details)
To concur with the House-passed version of the bill.
Motion to reconsider
by
The motion passed by voice vote
Passed in the House 80 to 28 (details)
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.
