Gainesville, Fla., city officials issued $90 million in pension obligation bonds, said Brian Sergeant, pension management analyst. About $48 million will go to the $114 million Consolidated Police Officers & Firefighters Pension Plan, and $36 million to the $188 million General Employees Pension Plan. The proceeds brought both plans to fully funded status, Mr. Sergeant said. The city sold the 30-year bonds at an interest rate of 5.61%.
Separately, the police and fire pension plan will conduct an asset-liability study, to be completed in the next two or three months, said Mr. Sergeant, pension management analyst. Consultant Summit Strategies Group will assist.
ServiceMaster Co. shareholders today voted in favor of a non-binding resolution seeking shareholder approval of any poison pill anti-takeover device, said Bruce Byots, spokesman for the Downers Grove, Ill.-based company. He didnt have a tally of the vote. Management, which opposed the resolution, will study the issue, he said.