Authorizes the city of Newton to issue pension obligation bonds or notes to fund its unfunded pension liability.

The bill authorizes the city of Newton to issue pension obligation bonds or notes to fund its unfunded pension liability. The proceeds, excluding issuance costs and pension system stabilization fund expenses, will be paid to the city's retirement board and invested in permitted investments. The bonds or notes can be issued up to a limit determined by the city's retirement board, with approval from the city's chief financial officer. The maturities of the bonds or notes will be scheduled to equalize annual payments of principal and interest, with terms not exceeding 30 years.

Authorizes the city of Newton to issue pension obligation bonds or notes to fund its unfunded pension liability.

The bill authorizes the city of Newton to issue pension obligation bonds or notes to fund its unfunded pension liability. The proceeds, excluding issuance costs and pension system stabilization fund expenses, will be paid to the city's retirement board and invested in permitted investments. The bonds or notes can be issued up to a limit determined by the city's retirement board, with approval from the city's chief financial officer. The maturities of the bonds or notes will be scheduled to equalize annual payments of principal and interest, with terms not exceeding 30 years.