Introduced in the House on July 3, 2009, to permit the city of Philadelphia to: utilize a 30-year amortization period for its pension fund instead of a 20-year period; defer a portion of city pension contributions in fiscal year 2010 and fiscal year 2011; defer $150 million of over $447 million in city pension contributions in fiscal year 2010; defer $80 million of over $538 million in city pension contributions in fiscal year 2011; repay deferred amounts with interest in total by fiscal year 2014; repay the entire $230 million deferral amount in fiscal year 2013 and fiscal year 2014; pay 8.25 percent interest on the amounts deferred during fiscal year 2010 through fiscal year 2014; and increase the sales tax by 1 percent for five years and earmark revenue from the increase to city pension payments
The vote was 112 in favor, 85 opposed and 6 not voting
(House Roll Call 0 at House Journal 0)
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