Authorizes the town of Southborough to issue pension obligation bonds or notes to fund its unfunded pension liability.

The bill allows the town of Southborough to issue bonds or notes to fund its portion of the unfunded pension liability of the Worcester regional retirement system. The proceeds, excluding issuance costs and reserves, must be used to extinguish the pension liability. The Worcester regional retirement system will allocate the annual debt service payments to reduce the town's unfunded pension liability. Other governmental units sharing the liability will reimburse Southborough based on their share. The bonds or notes can have maturities up to 30 years.

Authorizes the town of Southborough to issue pension obligation bonds or notes to fund its unfunded pension liability.

The bill allows the town of Southborough to issue bonds or notes to fund its portion of the unfunded pension liability of the Worcester regional retirement system. The proceeds, excluding issuance costs and reserves, must be used to extinguish the pension liability. The Worcester regional retirement system will allocate the annual debt service payments to reduce the town's unfunded pension liability. Other governmental units sharing the liability will reimburse Southborough based on their share. The bonds or notes can have maturities up to 30 years.