Summary
Calling Mayor Luke Ravenstahl's proposal to privatize Pittsburgh's parking "the kind of deal you do when you're desperate," City Controller Michael Lamb on Wednesday released his alternative to saving the city's pension system from state takeover.
Lamb suggested the city put next year's $60 million payment to the pension funds into the accounts this year, and that the Parking Authority issue a $150 million bond to buy city-owned parking facilities. The city would use the $210 million total to bolster the pension funds, which need to have 50 percent of $1 billion in obligations by the end of the year to avoid state oversight. The funds have about 27 percent of the money needed.See the full content of this document
Extract
Option Given by Controller O Save Pittsburgh Pensions
Ravenstahl last week received a $451.7 million bid from Pittsburgh Parking Pa...
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