bar Notification Subscription bar Newsletter bar Contact bar Employee

Connect with Clawson

News Detail

Comprehensive Financial Plan - Pension Bonds Information


Comprehensive Financial Plan - Pension Bonds Information

Updated Comprehensive Financial Plan - approved by Council on May 1, 2018

Comprehensive Financial Plan - March 6, 2018

This Comprehensive Financial Plan (the “Plan”) is being prepared pursuant to Act 329, Public Acts of Michigan, 2012, as amended (“Act 329”). In accordance with Act 329, the City of Clawson (the “City”) has chosen to issue bonds to finance a portion of the City’s unfunded pension liability, as further described in this Plan.

The City proposes to issue bonds in the amount of approximately $15,200,000 to fund its pension obligation, which is within the City’s legal debt capacity. It should be noted that only $1,030,000 of the City’s outstanding debt is General Obligation Limited Tax debt that does not have a specific revenue stream or dedicated millage supporting it. The remaining debt is paid from a dedicted millages or water and sewer charges.

Further informationregarding the City’s capacity to issue the OPEBs is shown in the following table.

City of Clawson | 425 N. Main | Clawson, MI 48017 | Tel 248.435.4500
Blair Memorial Library | Tel 248.588.5500 | see webpage for hours
City Hall Office Hours | 7:30 am - 5:30 pm Monday - Thursday | Closed Fridays
DPW Hours | 7:00am – 3:30pm Monday – Thursday | Closed Fridays
Title VI Non-Discrimination Plan | Website Privacy and Linking Policy | Webmaster

Follow Us On Twitter @CityOfClawsonMi

logo logo