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Flagstaff says pension financing brought police and fire plans to full funding
Summary
City staff told the committee the 2020 certificate‑of‑participation financing fully funded police and fire pension plans, produced estimated net present savings, and created a contingency reserve; staff characterized the move as the first pension financing of its type in Arizona.
The city’s management service director, Rick, told the Public Safety System Committee that the city addressed growing unfunded liabilities in the public safety pension plans by pursuing pension financing in 2020. Rick said the council approved issuing certificates of participation (COPs) that pledged city facilities as repayment and that the financing was structured to reduce long‑term pension costs and stabilize annual payments.
Rick said the COP issuance…
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