Core Municipal Report

Bill Frazer's


October 24, 2017


The proposed “Solution” to repair Houston’s failing pension system includes a plan to issue $1 Billion of Pension Obligation Bonds (POBs). Voters will have a chance to approve or to reject the issuance of these bonds on the November 7th ballot.

I plan to vote NO on Proposition A, primarily because issuing the bonds eternalizes a failed pension system. Advocates of the proposed “Solution” seemed to recognize as much when they negotiated the so-called Corridor to hold future contributions to the pension systems within certain limits. The problem is, the Corridor contribution limits (as high as 35%) are unsustainably high. These high contribution levels will be allowed to continue for 5-10 years even if they don’t result in higher actual funding levels relative to pension liabilities. Our pension system needs to be reformed now, not 5 or 10 years from now.

... read more
November 28, 2016
“What do you think about the pension fix?” Ever since the Mayor announced his pension proposal I’ve been asked this question everywhere I go and by everyone I know. My answer: It’s not good for the City, it’s not... read more
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