Record Bonds Lure Michigan Cities as Pension Plug: Muni Credit
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Michigan municipalities, facing a year-end deadline to borrow for retirement costs, are planning record bond sales to pay for workers’ health care and pensions.
The Detroit suburb of Macomb County plans a $270 million sale of municipal debt, its biggest ever, to finance retiree health-care costs, while Kalamazoo is considering a historic $100 million bond offer for similar expenses. Bloomfield Hills plans to borrow a record $17 million for pensions. The law allowing the practice expires Dec. 31.