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Arizona county considers sale of $75M in bonds for pensions

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Posted at 11:47 AM, Oct 01, 2020
and last updated 2020-10-01 14:47:23-04

FLORENCE, Ariz. (AP) — Pinal County in southern Arizona needs almost $75 million more to cover its public safety pensions, which its Board of Supervisors will consider financing with a bond.

Financial adviser Mark Reader told the board Wednesday that a bond issue would save the county about $40 million in today’s dollars. Reader said there is incentive to sell the bonds before the Nov. 3 general election, which could adversely affect interest rates.

The board held a public hearing on the debt Wednesday and was scheduled to meet Oct. 16 to consider the bond resolution. Most of Pinal County’s unfunded liability is for Sheriff’s Office pensions, which are just over 50% funded.