An Act authorizing the county of Plymouth to issue pension obligation bonds or notes

This bill authorizes Plymouth County to issue bonds or notes to help pay off its unpaid pension obligations to the Plymouth County Contributory Retirement System. Before the county can issue these financial instruments, a two-thirds vote from its advisory board on county expenditures is required, along with approval of a financing plan by the state secretary for administration and finance. The total amount of debt allowed is limited to covering the calculated unfunded pension liability plus necessary issuance costs, and the bonds must be paid back within a maximum of 10 years. Additionally, the bill mandates an independent actuarial report to determine the specific amount needed to clear the debt and to estimate the savings this action would provide to the county.