2006 House Bill 6694 ↩

House Roll Call 1190: Passed

To allow local governments to borrow money to establish a fund to cover up to 75 percent of the current unfunded actuarial liabilities created by past employee contracts that promised government workers lifetime health care coverage without setting sufficient money aside for this. A vote of the people would not be required to authorize the new debt, but it would be subject to a referendum if a certain number of voters signed petitions. The proceeds of the borrowed money would be invested in the same way as pension funds. Local governments would be allowed assume debt for this purpose up to the maximum allowed by state law, which is based on the maximum amount of property taxes they can impose.