Relating to bonds to finance pension liabilities; prescribing an effective date.
Catchline/Summary:
Provides that certain public bodies and intergovernmental entities may not issue bonds to finance pension liabilities without first obtaining independent assessment of likelihood that investment returns on bond proceeds will exceed interest cost of bonds and issuing public report relating to proposed bond issuance. Provides that certain public bodies and intergovernmental entities may not issue bonds to finance pension liabilities without first obtaining independent assessment from independent registered municipal advisor of advisability of proposed bond issuance] of likelihood that investment returns on bond proceeds will exceed interest cost of bonds and issuing public report relating to proposed bond issuance.
Requires State Treasurer to provide annual report to State Debt Policy Advisory Commission on interest rates and rate of return on bonds that are issued on or after effective date of Act to finance pension liabilities and that remain outstanding.
Takes effect on 91st day following adjournment sine die.
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HB 3123 Joint Committee On Ways and Means
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