MA H4509

Authorizes the town of Nantucket to issue bonds or notes to fund its share of unfunded pension liability in the Barnstable County retirement association, covering obligations for the town, Nantucket County, and Nantucket Islands Land Bank

Bond terms cannot exceed 30 years and the debt is excluded from the town's statutory debt limit under Chapter 44

Requires approval from the Secretary of Administration and Finance before issuance, including submission of a financing plan and an actuarial report from a nationally recognized firm approved by the Public Employee Retirement Administration Commission

Nantucket County and the Nantucket Islands Land Bank must reimburse the town for their proportionate share of annual debt service based on their share of the unfunded liability

Debt service costs attributable to school department personnel pensions may be counted toward net school spending calculations under Chapter 70