Bill > H4116

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 allocable to the town of Nantucket, Nantucket County, and the Nantucket Islands Land Bank. The proceeds of the bonds or notes, other than amounts for issuance costs and expenses, will be paid to the Barnstable County retirement association and invested to reduce the unfunded pension liability. The terms of the bonds or notes cannot exceed 30 years, and the amount is outside the town's debt limit. The town must submit the vote and a financing plan for the debt service to the Executive Office for Administration and Finance, which must approve the plan and issuance of the bonds or notes. The aggregate principal amount of the bonds or notes issued in a calendar year cannot exceed the amount sufficient to extinguish the unfunded pension liability, plus issuance costs and expenses. Nantucket County and the Nantucket Islands Land Bank are responsible for reimbursing the town for their proportionate share of the annual debt service expense.

Budget and Finance, Labor and Employment

https://malegislature.gov/Bills/193/H4116