Bill
Bill > S2539
MA S2539
Authorizing the county of Plymouth to issue pension obligation bonds or notes
summary
Introduced
09/16/2021
09/16/2021
In Committee
10/27/2021
10/27/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
For legislation to authorize the county of Plymouth to issue pension obligation bonds or notes. Municipalities and Regional Government.
AI Summary
This bill authorizes the County of Plymouth to issue pension obligation bonds or notes to fund all or a portion of its unfunded pension liability to the Plymouth County Contributory Retirement System. The aggregate principal amount of the bonds or notes cannot exceed the amount necessary to extinguish the county's unfunded pension liability, plus any issuance costs and expenses. The maturities of the bonds or notes must be scheduled such that the annual combined payments of principal and interest are as nearly equal as practicable, or in accordance with the county's approved funding schedule as approved by the Secretary for Administration and Finance. The issuance of these bonds or notes requires a two-thirds vote of the Advisory Board on County Expenditures and approval from the Secretary for Administration and Finance.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Bill reported favorably by committee and referred to the committee on Senate Rules (on 10/27/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/S2539 |
| Bill | https://malegislature.gov/Bills/192/S2539.pdf |
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