CHICAGO — Saginaw County is set to become the first local government in Michigan to issue bonds to cover its unfunded pension liability when it comes to market this month with up to $75 million of taxable debt.

The county will become the first in the state to take advantage of a new law that allows qualified local governments to issue long-term bonds to cover their retiree obligations. Governments can also borrow to cover their other post-employment benefits, or OPEBs, under the new law.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.