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Friday, February 3, 2012

More Time Needed For Pension Payment

Mayor Ivan Court says the city needs more time to make it's pension payments.

Under the proposed pension reforms, the city could receive a 15 year repayment period.

But Court says that may not be enough time and the city may need 20 to 25 years to make the payments.

City Manager Pat Woods says even with the bare bones budget, pension reforms are still critical.  If not approved, the city would need to come up with an additional 6.4 million dollars in payment money.  The total deficit is now up to 190 million dollars.