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Livingston County amends bond parameters, approves pension refinancing plan and related measures
Summary
After extended debate, the board approved a package of pension‑related actions including authorizing limited‑tax GO bonds (series 2026) with an amended interest cap of 3.5%, an additional contingent MERS contribution, and steps to pursue actuarial support to evaluate long‑term pension strategy.
The Livingston County Board of Commissioners on Feb. 23 approved a set of resolutions aimed at addressing the county’s unfunded pension liabilities and improving long‑term fiscal predictability.
Commissioner Nakagiri presented a 10‑year pension stress‑test comparing a bond issuance to a no‑bond path and argued that issuing limited‑tax general obligation bonds would reduce long‑term pension debt and increase pension assets across bull, expected and bear market scenarios. Bond counsel Eric McLaughlin and financial advisor Carrie Blanchard of PFM outlined the resolution’s parameters,…
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