Voters in Dallas yesterday approved a binding proposal to eliminate the $1.75 billion Dallas Employees Retirement Fund's unfunded liability, confirmed David Cook, city CFO. Under the plan, approved by 70% of voters, the employee contribution rate will increase in October to 9.27% from 6.5%, and the city's contribution rate will rise to 15.78% from 11%. The plan also splits the cost of any bonds issued to fund the pension system, with the city responsible for 63% of the costs and employees responsible for 37%. Mr. Cook said city will likely issue up to $535 million in pension obligation bonds. Mr. Cook said the city council had approved an underwriting syndicate for the bonds, which are expected to be issued in January; specific plans will be in place by the end of the year.