No Vote, No POBs

Saskal, Rich
April 2006
Bond Buyer;4/21/2006, Vol. 356 Issue 32365, p35
Trade Publication
The article reports on the issuance of a written opinion by San Diego City Attorney Michael Aguiree. It stipulates that the city cannot issue pension obligation bonds (POBs) without a vote of the people. The opinion comes after Mayor Jerry Sanders proposed a budget for fiscal 2007 calling for the issuance of 374 million dollar in POBS to shore up the city's underfunded employee pension program.


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