An Act authorizing the town of Hull to issue pension obligation bonds or notes

This bill authorizes the town of Hull to issue bonds or notes to pay off the unfunded portion of its employees' pension liabilities. To approve any such borrowing, the town meeting must vote in favor by a two-thirds majority, and the town must submit a financing plan for state approval before issuing the debt. The borrowed funds will be used to cover the pension shortfall, with costs shared among all town departments based on their employees' share of the total liability. Additionally, the bill allows the town to seek a special election to exempt these debt payments from the state's property tax cap.