Case Study: City of Ontario, Calif., Taxable Pension Obligation Bonds
$239 million POB issuance successfully launched on May 12, 2020
The City of Ontario, Calif., needed a solution to address the unfunded accrued liability (UAL) of the City’s safety police fund and safety fire fund. They faced the additional challenge of bringing a transaction to market in a difficult economic environment driven by the ongoing impact of the COVID-19 pandemic. HilltopSecurities partnered with the City of Ontario to structure a $239 million Pension Obligation Bond (POB) issuance which was successfully launched on May 12, 2020.