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| 2 | 2 | | SENATE DOCKET, NO. 474 FILED ON: 1/13/2025 |
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| 3 | 3 | | SENATE . . . . . . . . . . . . . . No. 1463 |
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| 4 | 4 | | The Commonwealth of Massachusetts |
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| 5 | 5 | | _________________ |
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| 6 | 6 | | PRESENTED BY: |
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| 7 | 7 | | Patrick M. O'Connor |
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| 8 | 8 | | _________________ |
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| 9 | 9 | | To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General |
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| 10 | 10 | | Court assembled: |
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| 11 | 11 | | The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: |
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| 12 | 12 | | An Act authorizing the county of Plymouth to issue pension obligation bonds or notes. |
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| 13 | 13 | | _______________ |
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| 14 | 14 | | PETITION OF: |
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| 15 | 15 | | NAME:DISTRICT/ADDRESS :Patrick M. O'ConnorFirst Plymouth and Norfolk 1 of 2 |
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| 16 | 16 | | SENATE DOCKET, NO. 474 FILED ON: 1/13/2025 |
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| 17 | 17 | | SENATE . . . . . . . . . . . . . . No. 1463 |
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| 18 | 18 | | By Mr. O'Connor, a petition (accompanied by bill, Senate, No. 1463) of Patrick M. O'Connor for |
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| 19 | 19 | | legislation to authorize the county of Plymouth to issue pension obligation bonds or notes. |
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| 20 | 20 | | Municipalities and Regional Government. |
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| 21 | 21 | | [SIMILAR MATTER FILED IN PREVIOUS SESSION |
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| 22 | 22 | | SEE SENATE, NO. 1316 OF 2023-2024.] |
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| 23 | 23 | | The Commonwealth of Massachusetts |
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| 24 | 24 | | _______________ |
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| 25 | 25 | | In the One Hundred and Ninety-Fourth General Court |
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| 26 | 26 | | (2025-2026) |
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| 27 | 27 | | _______________ |
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| 28 | 28 | | An Act authorizing the county of Plymouth to issue pension obligation bonds or notes. |
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| 29 | 29 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
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| 30 | 30 | | of the same, as follows: |
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| 31 | 31 | | 1 SECTION 1. The county of Plymouth may issue bonds or notes from time to time for the |
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| 32 | 32 | | 2purpose of funding all or a portion of its unfunded pension liability to the Plymouth County |
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| 33 | 33 | | 3Contributory Retirement System. The proceeds of any such issuance, other than amounts to be |
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| 34 | 34 | | 4applied to issuance costs and expenses, shall be transferred by the county to the retirement |
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| 35 | 35 | | 5system. The term of any such bonds or notes shall not exceed 10 years from the date of issuance. |
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| 36 | 36 | | 6No such bonds or notes shall be issued without, for each issuance, a 2/3 vote of the advisory |
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| 37 | 37 | | 7board on county expenditures of the county of Plymouth upon a recommendation by the county |
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| 38 | 38 | | 8commissioners. Upon the authorization of the issuance of pension obligation bonds by the |
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| 39 | 39 | | 9advisory board on county expenditures, the county shall submit the vote and a plan |
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| 40 | 40 | | 10demonstrating how the county will finance and allocate the debt service associated with the 2 of 2 |
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| 41 | 41 | | 11bonds or notes to the executive office for administration and finance, and no bonds or notes |
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| 42 | 42 | | 12authorized to be issued by this act shall be issued until the secretary for administration and |
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| 43 | 43 | | 13finance has approved the plan and the issuance of such bonds or notes. Except as otherwise |
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| 44 | 44 | | 14provided in this act, such bonds or notes shall be subject to the provisions of chapter 35. |
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| 45 | 45 | | 15 SECTION 2. The aggregate principal amount of the bonds or notes issued under this act |
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| 46 | 46 | | 16shall not be greater than the amount sufficient to extinguish the county’s unfunded pension |
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| 47 | 47 | | 17liability to the Plymouth County Contributory Retirement System as determined in accordance |
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| 48 | 48 | | 18with this section, plus an amount to provide for issuance costs and other expenses necessary or |
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| 49 | 49 | | 19incidental thereto. The retirement board of the Plymouth County Contributory Retirement |
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| 50 | 50 | | 20System shall first determine the amount sufficient to extinguish the unfunded pension liability of |
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| 51 | 51 | | 21the county in accordance with the report of a nationally recognized independent consulting firm, |
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| 52 | 52 | | 22which may be the consulting actuary generally retained by the retirement board, and with the |
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| 53 | 53 | | 23approval of the public employee retirement administration commission. Such report shall also set |
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| 54 | 54 | | 24forth the present value savings to the county reasonably expected to be achieved as a result of the |
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| 55 | 55 | | 25issuance of such bonds or notes. |
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| 56 | 56 | | 26 SECTION 3. The maturities of the bonds or notes issued under this act shall be scheduled |
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| 57 | 57 | | 27such that the annual combined payments of principal and interest for each issue shall be as nearly |
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| 58 | 58 | | 28equal as practicable in the opinion of the county commissioners; provided, however, that the |
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| 59 | 59 | | 29maturities of such bonds or notes may be scheduled so as to provide a more rapid amortization of |
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| 60 | 60 | | 30principal, or in accordance with any other manner consistent with the county's approved funding |
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| 61 | 61 | | 31schedule, as the secretary for administration and finance shall approve. |
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| 62 | 62 | | 32 SECTION 4. This act shall take effect upon its passage. |
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