SAN FRANCISCO, Calif. — The California Supreme Court ruled that San Jose can issue bonds to shore up its pension without seeking approval from voters first. The city has a duty under state law to ensure its pension is funded, and obligations generated by state law are exempt from the California Constitution’s local debt limitation, which ordinarily requires two-thirds of a city’s voters to approve indebtedness exceeding the city’s revenue for the current year.
Read the ruling here.
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