The issuance of pension obligation bonds in an effort to reduce the city’s unfunded liabilities goes before the Garden Grove City Council when it meets on Tuesday.
Savings resulting from issuing the bonds are expected to save the city between $102.6 and $121.7 million. Returns from the sale of the bonds will go toward paying down the pension costs owed to retired city employees, including those from the now-disbanded Garden Grove Fire Department.
Also on the agenda is a public hearing – set for 7 p.m. – to finalize selection of city council district maps, as well as an amendment to City Manager Scott Stiles’ employment agreement.
The council will meet in person in the Community Meeting Center, 11300 Stanford Ave. at 6:30 p.m.
Categories: Garden Grove