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2015 House Bill 4158: Let less credit-worthy municipalities incur “pension obligation bond” debt
Introduced by Rep. Ben Glardon R-Owosso on February 5, 2015
To revise a 2012 law 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).   Official Text and Analysis.
Referred to the House Financial Liability Reform Committee on February 5, 2015