Comprehensive Financial Plan for Pension Bonds
Sep 25, 2019
Public Act 34 of 2001, the Revised Municipal Finance Act, as amended (the "Act"), requires, among other things, the preparation of a comprehensive financial plan (the "CFP") in connection with the issuance of bonds to finance all or part of an unfunded pension and/or health care liability. The City of Port Huron (the "City") is proposing to issue bonds in an amount not-to-exceed $53,000,000 (the "Bonds") to fund a portion of the unfunded actuarially accrues liability (the "UAAL") of the City's pension plan (the "Pension Plan"). Bond proceeds after payment of issuance expenses will be $52 million.Read the plan