Politics & Government
Final Meeting on Bloomfield Township Pension Bonds Tuesday
Is selling bonds to pay off growing pension costs sound fiscal policy? The township board believes so and wants to show the public why at the last of two special meetings.
Still have questions about Bloomfield Township's plan to sell bonds in order to pay off the pension benefits for township employees? Tuesday is the last chance to learn about the plan, and what others think about it, in a public setting from 1 p.m. - 3 p.m. at Township Hall.
The gathering is one of two public town hall meetings Township Supervisor Leo Savoie and township leaders organized once residents began to question the plan last month. In May, the Bloomfield Township Board of Trustees voted unanimously last month to sell $85 million in bonds to cover retiree costs under a new state law that, for the first time, allows municipalities to raise funds through bonds and not direct taxes.
Officials believe it could save a projected $60 million to $80 million over the next 20 years, according to township documents.
Read Bloomfield Patch blogger Marcia Robovitsky's take on the matter in her latest blog.
Do you agree with this move to contain legacy costs, or are you concerned about accruing more debt? Tell us in the comments.
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