A long effort to refinance Mobile’s bond debt has raised a tantalizing possibility: The city has a shot at being (mostly) debt free in eight to 10 years.At its meeting on Tuesday, the Mobile City Council unanimously approved a bond refinancing measure sponsored by Mayor Sandy Stimpson. Finance Director Paul Wesch says the move will affect about $26 million in debt, and the refinancing will save the city about $1.4 million depending on terms at the closing later this month.Stimpson and the council have been at odds over several issues lately, but there was no dissent on the refinancing. Mayor and council gave each other credit for a disciplined approach that has cut bond debt by about a third -- a figure approaching $100 million -- in Stimpson's five years in office. Councilwoman Bess Rich praised the administration for focusing on cutting debt, rather than refinancing to extend borrowing. Councilman Fred Richardson said he appreciated the administration's willingness to provide … [Read more...] about Mobile a decade from paying off municipal debt?
Debt plan direct
Joe Malinconico Paterson Press Published 2:50 PM EDT Nov 1, 2018 PATERSON – The city is looking to borrow almost $16 million, including $5 million to cover retirement payments 38 retiring police officers and firefighters. City officials have not yet released the names of the retirees nor how much each of them would get. The $5 million would cover 24 police officers and 14 firefighters who have indicated they may retire during the next eight months, officials said. The preliminary numbers indicate the retirees would get an average of $131,000 apiece. Last year, the council also approved $5 million in bonds for retiree payments, but the city ended up borrowing just $4 million because some employees on that list staying in their jobs. Besides compensating retires for unused vacation days, the payments also cover something called “terminal leave” that the city’s labor contracts provide to Paterson police officers and firefighters. Under terminal leave, … [Read more...] about Paterson NJ may pay $5M to retirees in $16M debt plan
Amy Brittain, The Washington Post Published 4:47 pm CDT, Thursday, August 9, 2018 Photo: Bloomberg Photo By Zach Gibson Image 1of/1 CaptionClose Image 1 of 1 Supreme Court nominee Brett Kavanaugh meets with congressional leaders in Washington on July 24. Supreme Court nominee Brett Kavanaugh meets with congressional leaders in Washington on July 24. Photo: Bloomberg Photo By Zach Gibson Inside Brett Kavanaugh's personal finances: credit card debts, $92,000 country-club fee 1 / 1 Back to Gallery In front of a law-school crowd in 2015, Brett Kavanaugh mentioned the success of a younger attorney who worked as his deputy in the White House and became the general counsel of Facebook in 2008. Kavanaugh, who was a federal appeals judge at the time, had never heard of the company. "That turned out to be a really good … [Read more...] about Inside Brett Kavanaugh’s personal finances: credit card debts, $92,000 country-club fee
Student debt is a $1.48 trillion burden that financially hobbles millions of Americans, especially young ones, as they try to save for retirement and make major purchases likes homes or cars. But a nascent movement is underway in some corners of Corporate America to help workers carrying that burden. For instance, Abbott Laboratories plans next month to join this small group of employers that offer workers assistance with student loan repayment. With a program dubbed "Freedom 2 Save," the pharmaceutical giant will provide employees help with paying down their student loans, if they prove that they're contributing 2 percent of their eligible pay to their student debt via payroll deductions. In return, Chicago-based Abbott will contribute the equivalent of 5 percent into a 401 (k) plan. Program participants will receive a match without being required to make contributions, enabling them to use more of their earnings to pay off their student debt "Over the last several years, … [Read more...] about Helping employees repay student debt: A new perk?
Seating supplier scrapped plan to spend nearly $100 million on relocating HQPlymouth-based company refocusing on operationsWill open a new U.S. plant in the future Adient plc Adient scrapped its plan to spend nearly $100 million on relocating its main office from Plymouth to the Marquette Building at 243 W. Congress St. in Detroit in June. TRAVERSE CITY — Adient plc's more than $36 million investment to move its headquarters to Detroit was a mistake. CTO Detlef Juerss said the company's investment priorities since spinning off from Milwaukee-based Johnson Controls Inc. in October 2016 have been misguided and that under new interim CEO Fritz Henderson the company is refocusing on operations and performance. "We've been a little distracted," Juerss said Monday at the Center for Automotive Research's Management Briefing Seminars in Traverse City. "We're now transitioning to a focus on the day-to-day business ... not just the finer things in life." Detlef … [Read more...] about Adient exec calls plan to move headquarters to Detroit a mistake