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The Day - Norwich considers bonding to cover $144 million in unfunded pension obligations

Norwich  City leaders and finance officials presented a plan Tuesday that would fully fund the city’s unfunded pension obligation by bonding the entire estimated $144 million at current low interest rates, saving an estimated $43 million over 30 years. Members of the City Council, Board of Education, Board of Public Utilities Commissioners and Personnel and Pension Board listened as finance and bonding experts explained the plan Tuesday. It would need voter approval in a November referendum and approval by the state treasurer and Office of Policy and Management. “This could really be a game-changer in the way the city funds its annual pension obligations,” City Manager John Salomone said. He said the city could take advantage of the “extraordinarily low” interest rates to finance the plan.

The Day - Norwich fire displaces two people - News from southeastern Connecticut

As a business reporter, I write about small businesses opening and closing, manufacturing, food and drink, labor issues and economic data. I particularly love writing about the impact of state and federal policy on local businesses. I also do some education reporting, covering colleges in southeastern Connecticut and regional K-12 issues. Erica Moser As a business reporter, I write about small businesses opening and closing, manufacturing, food and drink, labor issues and economic data. I particularly love writing about the impact of state and federal policy on local businesses. I also do some education reporting, covering colleges in southeastern Connecticut and regional K-12 issues.

The Day - Norwich Public Utilities asks customers to conserve power through Thursday - News from southeastern Connecticut

The Day - Norwich Public Utilities asks customers to conserve power through Thursday - News from southeastern Connecticut
theday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theday.com Daily Mail and Mail on Sunday newspapers.

The Day - Trial dates set for utility cooperatives indicted in Kentucky Derby trips case

The Day - Trial dates set for utility cooperatives indicted in Kentucky Derby trips case
theday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theday.com Daily Mail and Mail on Sunday newspapers.

The Day - Firefighter volunteers a great Norwich bargain - News from southeastern Connecticut

Published June 14. 2021 12:01AM  When will Norwich officials learn? Currently, taxpayers in the town district pay their own taxes, .32 mills for volunteer fire protection, and another $3,299,876 for the overbudget Norwich Fire Department, which directly violates the “Special Benefit” described in the City Charter. Volunteers protect 87% of Norwich (and 9 out of the 10 top taxpayers!) and handled 2,852 calls for only $642,980 last year, while the paid department covered 13% of Norwich with only 2,404 calls for $10,071,521. The $3.29 million diverted from the Norwich Public Utilities contribution is supposed to go into the General Fund for all taxpayers to benefit from, not diverted to lower the City Consolidated District fire tax. Considering the recent Fire Study described the volunteer fire service routine performance as an impressive feat, and in 2017 taxpayers voted by a 20% margin to purchase five new trucks for volunteers, its obvious taxpayers trust the volunteer s

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