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Westmoreland places ‘leveraged bet on market’ to shore up county pension debt

JULY 19, 2021 | by Deb Erdley | TRIBLIVE (PENNSYLVANIA)

By Deb Erdley, includes “Westmoreland County’s largest ever bond issue, which will put taxpayers on the hook for $173.6 million, won’t lay water or sewer lines, pave roads, fix aging bridges or set a single steel beam. Instead, debt on the $126.48 million in bonds to be paid by taxpayers over the next 20 years will help pay off something already on the books: some $125 million in unfunded county pension debt. … So commissioners, who serve as three-fifths of the pension board — which includes the county controller and treasurer — took what some call a risky dive into pension obligation bonds as they worked to balance their budget.”

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