Baltimore County Looks to Put Pension Expenses on Credit Card
Bryan Sears of Towson Patch reports that Baltimore County wants to float bonds to fund its pension system.
Baltimore County officials are asking the County Council to approve the issuance of $255 million in bonds to fund the pension system.
County Administrative Officer Fred Homan told the council during a Tuesday lunch briefing that he wants to use the money to invest in the pension system.
“There are market risks to a pension bond deal,” Homan said, adding that the risk is not achieving the 4.25 to 4.5 percent rate of interest the county believes the bonds will sell for.
Currently, the nearly $2 billion pension system is funded at nearly 77 percent.
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The bond float proposal comes on the heels of a $25 million loan from the pension system to the county to finance a recycling center.