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Article: More options for facilitating public finance: pension fund-backed debt, taxable issues. (J. Chester Johnson address ) (Transcript)
- Article from:
- The Bond Buyer
- Article date:
- November 9, 1992
CopyrightCOPYRIGHT 1992 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Pension Funds as Guarantors
Another area of prospective expansion of state public finance activity rests on the possibility of greater use of state pension funds to secure various debt issued within particular states. One state has already had its pension fund rated, and there are other states considering the appropriate use of pension funds for this purpose.
To utilize state pension funds in this way - as guarantors of certain state agency and local debt - a number of public policy issues arise in the process. For example, is this approach an indirect way of "social investing" that many state pension funds have rejected over the years? Second, who is ...