Resolution for Police & Fire Pension Fund Bond Issue

Nov 17th, 2003

The Mobile City Council will vote on approving the trust structure for the application of the warrant proceeds from the Police and Fire Pension Obligation Warrants at the Tuesday, November 18, 2003 meeting.

A resolution on the agenda states that the City's Police and Fire Pension Fund currently has significant unfunded liabilities that the city is paying over time. Council members have agreed to find a way to pay for a portion of the unfunded liabilities through the sale of warrants. Mayor Dow has recommended a structure providing for payment to go through a trust for the benefit of the Pension Fund.

The resolution would set up a trust for deposit of the proceeds.

For more information please
call Gina Gregory at 208-7590
or 377-6501