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Authorization of $250 Million Short-Term Loan for Police and Fire Pension Fund to Bridge Fiscal Year-End Gap

  • When: 2025/09/09
  • Address: Citywide
  • City: Jacksonville
  • State: Florida
  • Category: Contract
  • Asset Class: Commercial
  • Size (Dollars): $250,000,000.00

This ordinance authorizes the Police and Fire Pension Fund (PFPF) to obtain a short-term loan of approximately $250,000,000. The purpose is to bridge a timing gap between the PFPF's payback to the City for its FY2025 pension payments (due by September 30, 2025) and the City's employer contribution to the PFPF (expected around October 1, 2025). Historically, the City makes upfront pension benefit payments, reimbursed annually by the PFPF. For FY2024, the City and PFPF agreed to offset these amounts. The remaining $48.5 million beyond the City's contribution will be funded by redeeming PFPF investment securities. This emergency passage is requested to secure the loan prior to September 26, 2025.

Source

Applicant - Police and Fire Pension Fund (PFPF)


Ownership - Police and Fire Pension Fund (PFPF)


City Representative - Colleen Hampsey