NEW YORK Struggling to pay employee pensions, local governments are increasingly borrowing money to cover their obligations — exploiting a loophole in federal law that allows them to issue taxable bonds without seeking voter approval.
Wednesday, March 28, 2012
More municipalities betting on pension bonds to cover obligations
Local governments are increasingly borrowing money to plug shortfalls in their employee pension funds by exploiting a loophole in federal law. Market experts say the risks and long-term costs are frequently ignored.
NEW YORK Struggling to pay employee pensions, local governments are increasingly borrowing money to cover their obligations — exploiting a loophole in federal law that allows them to issue taxable bonds without seeking voter approval.
NEW YORK Struggling to pay employee pensions, local governments are increasingly borrowing money to cover their obligations — exploiting a loophole in federal law that allows them to issue taxable bonds without seeking voter approval.
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