Introduced
by
To revise a <a href="http://www.michiganvotes.org/2012-SB-1129">2012 law</a> that allows municipalities to borrow money to cover unfunded pension liabilities if this is done as part of a plan to close a traditional “defined benefit” pension system to new employees. The bill would allow local governments with significantly lower credit-worthiness ratings to incur this additional debt (“A“ rather than “AA,” which is three grades lower).
Referred to the Committee on Financial Liability Reform
