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

HD 5109 allows the town of Nantucket to issue bonds or notes to cover its share of the unfunded pension liability for the Barnstable County retirement association, which includes Nantucket, Nantucket County, and the Nantucket Islands Land Bank. The bond proceeds must be paid directly to the retirement association to reduce the pension debt, not for other town expenses, and cannot exceed 30 years in maturity. The town must get approval from the Secretary of Administration and Finance for its debt service plan, and Nantucket County and the Land Bank must reimburse Nantucket for their proportional share of the bond costs. The bill also requires specific accounting for debt service payments related to school personnel under Chapter 70.