TITLE

Dallas Looks to Taxable GOs to Close Pension Fund Gap

AUTHOR(S)
Watts, Jim
PUB. DATE
October 2004
SOURCE
Bond Buyer;10/20/2004, Vol. 350 Issue 31993, p36
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article informs that a $535-million hole in Dallas' pension fund will be plugged with proceeds from taxable general obligation bonds if voters in November approve the city proposal to issue pension debt. David Cook, the city's chief financial officer, said the fund has become dangerously unbalanced over the past few years, due primarily to declines in the stock market that reduced the value of the pension fund's assets. Cook said if voters approve the changes in the pension fund plan, the city expects to sell the bonds at 6 percent and invest the money to realize a return of 8.25 percent over the 30- year span of the bonds.
ACCESSION #
14779514

 

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