Saginaw County says interest rates too high to sell bonds to cover pension liability

Saginaw County says interest rates too high to sell bonds to cover pension liability | MLive.com:
" Saginaw County was the first county in the state to gain Michigan Treasury approval for a plan to sell bonds to cover its pension fund liability.

But the county's plan has been put on hold, Controller Robert Belleman told county leaders on Thursday, Aug. 8.

"We did go out to price today," Belleman said. "And the interest rates being demanded by the investors was much higher than we had anticipated or our budget could support. So we withdrew our bond from the market today and we'll look at whether or not we'll go out again later this year."

Belleman explained that when the county went to sell bonds necessary to make the plan work, the interest rates had risen to a level that made the plan no longer feasible."