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DIGEST OF INTRODUCED BILL
Pension obligation bonds. Permits bonds, notes, or other obligations that are issued by a county or municipality to pay certain pension benefits to have a final maturity of not more than 40 years and be issued in an amount that does not exceed 2% of the true tax value of the property located within the county or municipality. Requires the proceeds of the bonds, notes, or other obligations to be deposited in a separate account in the pension relief fund.