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

This bill allows the town of Southborough to issue bonds or notes to pay its share of the unfunded pension liability for the Worcester Regional Retirement System. The funds raised would directly reduce Southborough's pension debt, with bonds requiring state approval and limited to covering the town's allocable liability plus issuance costs. Other towns sharing the retirement system's liability must reimburse Southborough for their proportional share of the debt service. The bill also ensures pension-related bond payments count toward school spending calculations under state law.