CANCELLED: City hosting an interactive forum to discuss POBs

27 May

I got this notice from Dave – thanks Dave!

I also got the cancellation notice from Dave – thanks again Dave!

DAY: Tuesday, June 8, 2021
TIME: 2:00 P.M.
PLACE: City Council Chamber – 421 Main Street

The City of Chico’s employees and retirees participate in the CalPERS retirement system. CalPERS has
determined that the City has an unfunded accrued liability (UAL) of over $140,000,000 which carries an
interest rate of 7%. As such, the City Council is researching all options on reducing this liability. One
possibility is to issue pension obligation bonds (POBs) at a lower interest rate than 7% and use the
proceeds to pay down the CalPERS UAL.

The City is hosting an interactive forum to discuss POBs including the benefits and risks associated with
their issuance. The consulting firm of NHA Advisors will be conducting the forum on June 8th starting at
2:00 pm and concluding by 4:00pm. This forum will be interactive and participants are encouraged to ask
questions and provide feedback to the consultant. Attendees are encouraged to join in person at the City
Council Chambers or watch online. There is no cost to attend this educational forum.

5 Responses to “CANCELLED: City hosting an interactive forum to discuss POBs”

  1. Emily June 4, 2021 at 8:56 am #

    Thanks for the heads up on this. I will be attending.

    • Juanita Sumner June 4, 2021 at 11:53 am #

      Thanks Emily, but GUESS WHAT! The HJTA sent the city a CEASE AND DESIST letter. They have called off the forum scheduled for the 8th to look at their options.

      I got some options for them, alright.

      • Emily June 8, 2021 at 11:38 am #

        AWESOME. I am glad not to have to haul myself and my newborn baby down there this afternoon. Thanks for keeping us updated!

      • Juanita Sumner June 8, 2021 at 2:46 pm #

        Well, Dammit, I was glad too until I heard the latest news – the city of Chico has decided to go ahead with the POB, daring HJTA to take them to court. Enjoy your weebee, I’ll keep you posted.

      • Juanita Sumner June 9, 2021 at 8:55 am #

        And thanks for getting involved Emily. When the baby gets older you’ll find you have an extra pair of ears. And children asked the most incredible questions about what they hear.

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