Bridgeport News: Pension Liability Reduced – Bonds Sold
Bridgeport, CT – Mayor Joe Ganim announced that the city of Bridgeport recently completed a pension bond sale that raised $96,000,000 to pay down a major $200,000,000 long-term unfunded pension liability the city faced covering retirement costs for current and former police officers and firefighters. This measure will now save Bridgeport taxpayers approximately $2 million per year in net debt service payments for the next 26 years over the life of the bonds, resulting in total savings to taxpayers of approximately $48,000,000. The bond sale was made possible through special legislation sponsored by the Bridgeport delegation and overwhelmingly adopted by the Connecticut General Assembly during the 2017 legislative session. This gave the city of Bridgeport the statutory authority to issue taxable…
