Group Stalls California Pension Bond Scheme

Saskal, Rich
December 2004
Bond Buyer;12/10/2004, Vol. 350 Issue 32027, p35
Trade Publication
The article reports on the Pacific Legal Foundation's decision to file a formal challenge to the California state's validation action for the taxable bonds. The California state has planned to issue $929 million in taxable bonds during fiscal 2005 toward its current year contributions for its employees in the California Public Employees' Retirement System. The foundation also challenged the state's plan to issue $10.7 billion in deficit bonds as part of the state's 2004 budget, delaying those fiscal recovery bonds until they were superceded by another deficit bond, the voter-approved $15 billion economic recovery bonds.


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