Freed says bonds would help city deal with retirement costs

The City of Port Huron is getting ever so closer to issuing new bonds to help cover a portion of the city’s unfunded pension and healthcare liabilities. Port Huron City Manager James Freed paid a visit to Lansing Monday to meet with state treasury officials regarding the issuance of up to $53 million  in bonds. Freed says it’s the next step in the ongoing issue of unburdening the city from legacy costs. “It was an excellent meeting, they’re going to support the proposal,” said Freed. He tells WPHM that it wouldn’t be possible without the shared sacrifices of current city employees. “It is significant, it is real, and it’s right out of their pocket book,” said Freed, referencing the increased contributions city employees were asked to make into their retirement accounts. Freed says following state approval, the city would save about $1.5 million a year in interest costs. A final decision from the treasurer’s office is expected early next year.

 

December 17 James Freed