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Commissioners debate bond strategy to prefund pensions and towers, then rescind prior authorizations
Summary
After a multi-hour discussion with financial advisers, the board briefly authorized an amendment to allow a negotiated bond sale to refinance pension liabilities and fund towers, then moved to rescind the prior bond authorizations — concluding the meeting without proceeding to an actual bond sale.
The Livingston County Board of Commissioners spent a prolonged portion of the meeting debating whether to proceed with a limited-tax general obligation bond issuance intended to prefund pension liabilities and to fund county tower projects. The discussion centered on timing, market volatility, debt capacity and tradeoffs between paying down the county’s MERS pension liability and preserving borrowing capacity for future needs.
Commissioner Nakagiri said the amended resolution would permit a negotiated sale rather than only a competitive sale, giving county negotiators flexibility to seek favorable rates in a volatile market; financial advisers told the board that 9‑year rates had moved to roughly 3.03% as of the recent Friday. Adviser Carrie Blanchette…
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