Pension obligation bond

The Howard Jarvis Taxpayers Association appealed to California's high court in a case challenging San Jose's plans to issue pension obligation bonds.

Chicago Mayor Brandon Johnson's Financial Future Task Force released an interim report this week on Chicago's structurally imbalanced budget.

Howard Jarvis Taxpayer Association has until the end of January to file briefs in its case challenging San Jose's pension obligation bond validation.

Litigants in a case challenging San Jose's validation of proposed pension bonds will have to wait another month to hear if the high court will review an appeals court ruling.

The one notch upgrade affects $256 million in outstanding bonds and resulted from Fitch's recent criteria change.

Ten other pension obligation bonds are under review by Fitch Ratings as a result of the agency's new local government criteria.

A city council committee received staff recommendations to fully fund the Police and Fire Pension System within 30 years.

Recommendations from an actuary on the city's police and fire pensions come amid a rising unfunded liability and uncertainty over the use of pension bonds.

The city, which issued POBs in 2005, is awaiting recommendations from an actuary on how to deal with a $3 billion unfunded liability in its public safety fund.

"We believe pensions have an elevated probability of stressing the state and local governments' budgets even as Illinois has made supplemental contributions above the statutorily required amounts," S&P Global Ratings analyst Joseph Vodziak said.

The rating agency said it could upgrade the state's ratings over a two-year period if recent healthy fund balances are maintained.

A substantial drop in new money volume sets California and the Far West apart from the the country.

With $300 million of term bonds due in 2051 underperforming in secondary market trading, Kansas officials are eyeing a surplus revenue funded buyback plan.

A financial instrument that has appealed to many municipalities to remedy underfunded pension plans is once again looking like a losing borrow and bet scheme.

As rising interest rates take pension obligation bonds off the table, city finance managers are looking to other methods to manage unfunded pension obligations.

Coconino County has issued debt to fund its prepayment to the Arizona State Retirement System, while Pinal County has a bond sale pending.

Variable-rate debt, tender option bonds and even prepaid gas bonds may stage a comeback in the current market, panelists at a GFOA conference said.

Richmond issued $154.1 million in pension obligation bonds in a refunding that terminates swaps, ends a county intercept, and extends the final maturity.

Expected voter turnout for the midterm election will likely compel other cities to join Ontario, California, in placing tax and bond measures on November's ballot.

Most public pension funds are fragile not distressed, according to Equable.