Bill > H4105

This bill authorizes the town of Nantucket to issue pension obligation bonds or notes to fund the portion of the unfunded pension liability of the Barnstable County retirement association that is allocable to Nantucket, Nantucket County, and the Nantucket Islands Land Bank. The bill sets limits on the aggregate principal amount of the bonds or notes, requires the town to submit a plan to the state's Executive Office for Administration and Finance for approval, and allows the state to require the establishment of a reserve fund to address any future unfunded actuarial pension liability. The bill also requires Nantucket County and the Nantucket Islands Land Bank to reimburse the town for their proportionate share of the annual debt service, and includes the debt service applicable to school department personnel in the calculation of the town's net school spending.

Budget and Finance, Government Affairs

https://malegislature.gov/Bills/192/H4105