WEBVTT

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STILL TO COME TONIGHT, HOW TO

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SAVE MONEY ON YOUR TAXES.

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JAMES "BIGCAT" WILLIAMS ON THE

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LATEST LOP-SIDED LOSS IN THE

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GRIM SEASON FOR THE BEARS.

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AND MAKING GUITARS WITHOUT THE

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HELP OF A COMPUTER, ONE CHICAGO

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MAN SAYS IT IS A DYING ART.

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BUT FIRST, COULD CITIES AND

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TOWNS IN ILLINOIS GO BANKRUPT?

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A NEW REPORT SAYS LOCAL LEADERS

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ARE EYEING BANKRUPTCY AS A WAY

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TO RESTRUCTURE DEBT AND PENSION

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OBLIGATIONS, EVEN THOUGH IT IS

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TECHNICALLY ILLEGAL FOR

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MUNICIPALITIES IN ILLINOIS TO

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FILE SOME ARE PUSHING FOR IT AS

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AN OPTION.

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JOINING US TO DISCUSS THIS IS

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ANDREW SCHROEDTER AND PATRICK

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REHKAMP OF BGA.

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AND THE CO-AUTHOR A REPORT ON

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MUNICIPAL BANKRUPTCY THIS MONTH

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THAT RAN IN THE "SUN-TIMES".

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AND LARRY MORSEY MAYOR OF

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ROCKFORD, FIRST ELECTED IN 2005.

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AND JAMES MCNAMEE, PRESIDENT OF

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THE ILLINOIS PUBLIC PENSION FUND

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ASSOCIATION.

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THAT IS AN UMBRELLA ORGANIZATION

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REPRESENTING POLICE AND FIRE,

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AND IN THE INTEREST OF FULL

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DISCLOSURE I SHOULD NOTE I HAVE

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MODERATED DEBATES ON PENSION

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REFORM FOR THE ASSOCIATION.

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WELCOME BACK TO "CHICAGO

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TONIGHT."

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GLAD YOU ARE HERE.

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PATRICK OR ANDREW, HOW DID YOU

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COME TO FOCUS ON THIS ISSUE?

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>> A LOT OF REPORTING ON THE

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FINANCIAL CONDITIONS, WE FOUND A

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LOT OF MUNICIPALITIES STRUGGLE

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TO PAY THE BILLS AND STRUGGLING

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WITH PENSION DEBT AND CUT JOB,

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ET CETERA.

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AND WE STARTED TO ASK OURSELVES

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WHAT CAN THEY DO TO GET OUT OF

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THE MESS AND A LOT SAID IF IT

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WAS AVAILABLE THEY WOULD

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CONSIDER FILING BANKRUPTCY.

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>> CURRENTLY AS WE MENTIONED,

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THE LEGAL STALL US OF MUNICIPAL

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BANKRUPTCIES IS...

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>> THE WAY FEDERAL BANKRUPTCY

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LAW WORKS MUNICIPALITIES NEED

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STATE APPROVAL BUT THERE IS NO

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STATE LAW THAT SPECIFICALLY

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OUTLINES HOW TO DO THIS.

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I GUESS IF THEY WANTED TO DO THE

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THEY WOULD NEED APPROVAL FROM

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STATE IF THEY DID IT ONE BY ONE

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BUT WE FOUND SOME TOWNS IN EAST

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ST. LOUIS AREA THAT DID FILE FOR

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BANKRUPTCY WASN'T THROUGH IT.

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WE HAVE A GRAPHIC SHOWING THAT,

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THE FEW TOWNS, ONE IS BROOKLYN,

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750 PEOPLE, AND IT FILE FORWARD

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BANKRUPTCY IN 20 HAVE 3 AND

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FACED PAYOUTS FOR POLICE

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MISCONDUCT ANDALLERTON, IT FILED

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IN 2005, AND IT FACED A PAYOUT

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TO A POLICE SHOOTING VICTIM.

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VERY SMALL COMMUNITIES, AND

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THOSE TWO ISSUES THEY WERE

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FACING BANKRUPTED THEM.

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IF IT IS NOT LEGALLY POSSIBLE TO

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FILE FOR BANKRUPTCY IN ILLINOIS,

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HOW DID THEY DO IT?

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>> THEY FLEW UNDER THE RADAR,

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VERY SMALL TOWNS, AND DID NOT

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HAVE A LOT OF DEBT, NOT A MAJOR

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PRESTRUCTURES AND THEIR ATTORNEY

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SAID, HE GOT AWAY WITH IT.

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NO ONE NOTICED, PROBABLY

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WOULDN'T HAPPEN IN THE CHICAGO

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AREA.

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BUT WITH MORE MEDIA AND PEOPLE

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WATCHING.

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BUT IT DID TAKE PLACE DOWN

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THERE.

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MAYOR MORSEY WOULD YOU BE IN

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FAIR OF BANKRUPTCY AS AN OPTION?

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>> THE CITY OF ROCKFORD HAS

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ABSOLUTELY NO PLANS TO FILING

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FOR BANKRUPTCY EVEN IF WE HAD

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THE NORTH.

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WHY DO I FAVOR IT AS A TOOL

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SENATE LEGISLATURE FAILING TO

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TAKE ACTION ON CRITICAL ISSUES

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LIKE PENSIONS AND ASH STRAIGHT

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REFORM AND COLLECTIVE BARGAINING

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REFORM MAY LEAVE THE COMMUNITIES

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NO OPTIONS AND DO WE HAVE A

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DISORGANIZED CHAOTIC QUESTION OF

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HOW WE PAY OUR BILLS OR AN

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ORGANIZED FORMAT THAT WORKED FOR

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GM AND CHRYSLER TO RESET AND

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REBUILD, FRANKLY I THINK CITIES

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NEED THE SAME TOOLS.

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JAMES MCNAMEE, HOW ABOUT THAT,

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CHRYSLER CAN DO IT, IF

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INDIVIDUALS CAN DO IT, WHY NOT

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MUNICIPAL PAYMENTS?

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>> MUNICIPALITYS ARE A

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GOVERNMENT, AND IT IS MUCH

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DIFFERENT THAN A CORPORATION.

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YOU ARE SHAKING THE INVESTOR

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CONVERSATION IN THE COMMUNITY

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AND THEIR LEADERSHIP.

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WHAT IS NEEDED RIGHT NOW IN A

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LOT OF MUNICIPALITIES IS A

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MARSHAL PLAN, WHERE THEY PUT

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FORWARD A PLAN TO REBUILD

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EUROPE, THERE NEEDS A MARSHAL

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PLAN FOR THE COMMUNITIES.

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WE NEED LEADERSHIP THERE AND WE

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NEED A PLAN THERE TO SELL THAT.

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WHEN YOU PUT THAT PLAN FORWARD,

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AT THE END OF WORLD WAR 270% OF

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THE PUBLIC WAS AGAINST IT AND BY

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THE END YOUED WITH 8 HAVE% FOR

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IT.

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>>> MAYOR, WHAT IS THE STATUS OF

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ROCKFORD'S PENSION OBLIGATIONS?

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A PENSION OBLIGATION FOR POLICE

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AND FIRE THAT ARE CREATING THIS

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PRESSURE, THIS INTEREST IN

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EXPLORING THE POSSIBILITY OF

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MUNICIPAL BANKRUPTCY?

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>> BASED ON THE LAST BIT OF

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LEGISLATION CREATING A SECOND

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TIER OF PENSIONERS, A BIG PART

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CREATES IN 2016 A DAY OF

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RECKONING, IF YOU ARE NOT

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FUNDING, THE STATE WILL HAVE THE

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NORTH TO START REDIRECTING

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FUNDINGS IN YOO PENSION SYSTEMS.

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>> THAT IS NOT THE MARSHAL PLAN?

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>> I WASN'T ALIVE WHEN THAT

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HAPPENED SO I DON'T KNOW.

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THE REALITY I LIVE IN IS THAT WE

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ARE PAYING OUR BILLS IN ROCKFORD

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AND WE WON'T HAVE A BIG CRISIS

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LIKE SOME CAN.

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BUT FANGLY AT SOME POINT IN TIME

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IF WE DON'T REDIRECT OR

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ATTENTION, WE DO HAVE A HAVE A

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PLAN THAT DEALS WITH THE

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UNDERLYING ISSUES, ORB STRAIGS

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REFORM IS ONE.

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WE HAVEN'T BEEN ABLE TO GET THE

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STATE'S ATTENTION, THE

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NONEPALITIES HAVE BEEN FORGOTTEN

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AND WHEN CHICAGO MOVES BECAUSE

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THEY HAVE TO MOVE, WE WANT TO BE

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PREPARED IN THE SPRING TO MAKE

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SURE DOWNSTATE HAS A GOOD PLAN.

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ANDREW, WHAT IS THE STATUS OF

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SUBURBAN DEBT AND POTENTIAL

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BANKRUPTCY?

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>> PATRICK AND I LOOKED AT EVERY

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SINGLE POLICE DEPARTMENT IN COOK

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COUNTY, WE FOUND THAT THEY ARE

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UNFUNDED LIABILITIES, AND $23

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BILLION IN UNFUNDED LIABILITIES

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AND MOST INTERESTINGLY, WE SAW

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FOUNDS THAT WERE BORROWING TO

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MAKES PAYMENTS AND THAT A FEW

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HUNDRED THOUSAND LEFT.

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REALLY IN DANGER OF GOING

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BANKRUPT.

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>> GIVE ME AN EBBS OF SOME OF

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THE MUNICIPALITIES IN BAD SHAPE?

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>> A LOT OF THE SOUTHLAND,

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SOUTHERN COOK COUNTY AND NEAR

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WESTERN SUBURBS, AND ST. CLAIRE

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COUNTY BY EAST ST. LOUIS.

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OBVIOUSLY, WE FOCUSED ON ALERTON

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AND BROOKLYN, AND THEY ARE

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BETTER, BUT STRUGGLE AT TIMES.

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WASHINGTON PARK, ANOTHER TOWN

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FILED FOR BANKRUPTCY.

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THEY WERE DENIED IT, BUT ONE OF

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THE ATTORNEYS FOR THE VILLAGE

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TOLD US THAT IN WASHINGTON PARK,

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SOONER OR LATER YOU WILL HAVE

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BANKRUPTCY WITHOUT HAVING IT.

07:21.066 --> 07:26.833 align:start position:10% line:74% size:80%
>> WHAT WOULD BE THE CONSEQUENCE

07:22.466 --> 07:28.800 align:start position:10% line:74% size:20%
OF THAT?

07:23.400 --> 07:30.766 align:start position:10% line:74% size:75%
EVEN IF THERE WEREN'T A FORMAL

07:26.833 --> 07:31.266 align:start position:10% line:74% size:67.5%
BANKRUPTCY PROCEEDING, WHAT

07:28.800 --> 07:32.900 align:start position:10% line:74% size:77.5%
HAPPENS IF THEY JUST RUN OUT OF

07:30.766 --> 07:34.266 align:start position:10% line:74% size:15%
MONEY?

07:31.266 --> 07:36.933 align:start position:10% line:74% size:77.5%
>> MY ARGUMENT HAS BEEN SOME OF

07:32.900 --> 07:38.666 align:start position:10% line:74% size:72.5%
THE FINANCE FOLKS THAT WE ARE

07:34.266 --> 07:41.566 align:start position:10% line:74% size:80%
MUCH BETTER OFF HAVING ORGANIZED

07:36.933 --> 07:43.533 align:start position:10% line:74% size:80%
FORM OF RESOLVING ISSUES BECAUSE

07:38.666 --> 07:45.200 align:start position:10% line:74% size:77.5%
THE END OF THE DAY IF A COUNCIL

07:41.566 --> 07:47.533 align:start position:10% line:74% size:77.5%
MEMBER HAS TO MAKE A CHOICE, TO

07:43.533 --> 07:48.833 align:start position:10% line:74% size:77.5%
I KEEP COPS AND FIRE MACHINE ON

07:45.200 --> 07:50.733 align:start position:10% line:74% size:70%
THE STREETS OR PAY A BOND, I

07:47.533 --> 07:51.833 align:start position:10% line:74% size:40%
KNOW THE ANSWER.

07:48.833 --> 07:53.566 align:start position:10% line:74% size:80%
SHOULDN'T WE ADDRESS THE ISSUES.

07:50.733 --> 07:55.500 align:start position:10% line:74% size:47.5%
THAT IS NUMBER ONE.

07:51.833 --> 07:58.233 align:start position:10% line:74% size:77.5%
IF WE DON'T WOULDN'T WE LIKE TO

07:53.566 --> 08:02.100 align:start position:10% line:74% size:72.5%
HAVE A SYSTEM THAT DEALS WITH

07:55.500 --> 08:02.733 align:start position:10% line:74% size:72.5%
THIS, THESE OBLIGATIONS IN AN

07:58.233 --> 08:04.500 align:start position:10% line:74% size:72.5%
ORDERLY FASHION AS OPPOSED TO

08:02.100 --> 08:06.766 align:start position:10% line:74% size:15%
CHAOS.

08:02.733 --> 08:08.333 align:start position:10% line:74% size:62.5%
THAT WHAT IS IT WOULD BE.

08:04.500 --> 08:09.633 align:start position:10% line:74% size:80%
MPBLTSDS JIM, WOULD IT BE CHAOS?

08:06.766 --> 08:12.466 align:start position:10% line:74% size:70%
>> THERE ARE SOME ISSUES OUT

08:08.333 --> 08:14.266 align:start position:10% line:74% size:65%
THERE WITH THE FUNDING AND

08:09.633 --> 08:18.500 align:start position:10% line:74% size:77.5%
MAKING SURE LEVELS OF FUNDLING.

08:12.466 --> 08:19.766 align:start position:10% line:74% size:77.5%
GOING THROUGH BANKRUPTCY TO GET

08:14.266 --> 08:21.733 align:start position:10% line:74% size:57.5%
OUT OF AN OBLIGATION IS

08:18.500 --> 08:24.466 align:start position:10% line:74% size:70%
REPREHENSIBLE IN MY OPINION.

08:19.766 --> 08:27.733 align:start position:10% line:74% size:72.5%
IT IS A WAY TO WIPE THE SLATE

08:21.733 --> 08:29.466 align:start position:10% line:74% size:65%
CLEAN OF YOUR OBLIGATIONS.

08:24.466 --> 08:32.333 align:start position:10% line:74% size:80%
IF THEY LOOK AT BLOOMINGTON THAT

08:27.733 --> 08:35.733 align:start position:10% line:74% size:77.5%
SAYS WE WILL FUND OUR PLANS AND

08:29.466 --> 08:38.200 align:start position:10% line:74% size:80%
THEY CAME UP WITH A PLAN AND THE

08:32.333 --> 08:40.366 align:start position:10% line:74% size:67.5%
MAYOR SAID WE WILL DO THAT.

08:35.733 --> 08:42.600 align:start position:10% line:74% size:65%
IN THE CITY OF BLOOMINGTON

08:38.200 --> 08:44.300 align:start position:10% line:74% size:62.5%
APASSED A UTILITY TAX AND

08:40.366 --> 08:45.466 align:start position:10% line:74% size:77.5%
DEDICATE TAD TAX TOWARD THE PPX

08:42.600 --> 08:46.733 align:start position:10% line:74% size:80%
AND IN THE LONG RUN IT WILL SAVE

08:44.300 --> 08:49.566 align:start position:10% line:74% size:55%
THEIR RESIDENTS MONEY.

08:45.466 --> 08:50.333 align:start position:10% line:74% size:50%
MILLIONS OF DOLLARS.

08:46.733 --> 08:52.266 align:start position:10% line:74% size:77.5%
THEY HAD IT PROJECTED OUT, WHAT

08:49.566 --> 08:54.466 align:start position:10% line:74% size:52.5%
THE SAVINGS WOULD BE.

08:50.333 --> 08:55.566 align:start position:10% line:74% size:77.5%
THAT IS WHAT I'M TALKING ABOUT.

08:52.266 --> 08:57.333 align:start position:10% line:74% size:75%
SOME CASES WE ARE DEALING WITH

08:54.466 --> 09:01.033 align:start position:10% line:74% size:65%
WASHINGTON PARK AND WE ARE

08:55.566 --> 09:03.733 align:start position:10% line:74% size:67.5%
DEALING WITH CORRUPTION AND

08:57.333 --> 09:05.500 align:start position:10% line:74% size:80%
ABSOLUTE STEALING OF CITY ASSETS

09:01.033 --> 09:07.933 align:start position:10% line:74% size:80%
THIS HAPPENED IN DIXON, AND THEY

09:03.733 --> 09:09.533 align:start position:10% line:74% size:57.5%
BECAME WHOLE, LATER ON.

09:05.500 --> 09:11.200 align:start position:10% line:74% size:75%
BUT YOU HAD THEY COULDN'T EVEN

09:07.933 --> 09:12.800 align:start position:10% line:74% size:72.5%
OPEN THE POOL UP BECAUSE THEY

09:09.533 --> 09:14.666 align:start position:10% line:74% size:70%
SHUT IT DOWN BECAUSE SO MUCH

09:11.200 --> 09:17.266 align:start position:10% line:74% size:75%
MONEY WAS DIVERTED AND STOLEN.

09:12.800 --> 09:18.833 align:start position:10% line:74% size:65%
WE HAVE SEEN THIS IN OTHER

09:14.666 --> 09:20.433 align:start position:10% line:74% size:75%
CITIES, TOO, SOME MALFEASANCE.

09:17.266 --> 09:22.100 align:start position:10% line:74% size:80%
>> RESPECTFULLY THAT IS NOT IRAQ

09:18.833 --> 09:23.466 align:start position:10% line:74% size:77.5%
FORWARD AND THE PICTURE IN MOST

09:20.433 --> 09:24.800 align:start position:10% line:74% size:80%
ILLINOIS CITIES WHERE WE PAY OUR

09:22.100 --> 09:26.266 align:start position:10% line:74% size:65%
BILLS AND WE ARE FINANCIAL

09:23.466 --> 09:28.466 align:start position:10% line:74% size:77.5%
RESPONSIBLE AND WE NEED TO KNOW

09:24.800 --> 09:30.100 align:start position:10% line:74% size:75%
THE SYSTEM THAT WE HAVE TO PAY

09:26.266 --> 09:31.333 align:start position:10% line:74% size:72.5%
ON IS A SYSTEM DESIGNED APRIL

09:28.466 --> 09:33.200 align:start position:10% line:74% size:62.5%
BUILT FOR BY THE STATE OF

09:30.100 --> 09:34.600 align:start position:10% line:74% size:75%
ILLINOIS AND PENSIONERS AND WE

09:31.333 --> 09:36.033 align:start position:10% line:74% size:52.5%
HAVE TO PAY THE BILL.

09:33.200 --> 09:38.900 align:start position:10% line:74% size:77.5%
WE HAVE NO IMPACT ON THE DESIGN

09:34.600 --> 09:39.800 align:start position:10% line:74% size:30%
OF THE PLAN.

09:36.033 --> 09:41.600 align:start position:10% line:74% size:57.5%
>> HOW IS IT THAT THESE

09:38.900 --> 09:42.733 align:start position:10% line:74% size:75%
MUNICIPALITIES GOT IN TROUBLE.

09:39.800 --> 09:44.900 align:start position:10% line:74% size:65%
THE STATE TOOK THE PENSION

09:41.600 --> 09:46.866 align:start position:10% line:74% size:77.5%
HOLIDAYS AND DID NOT CONTRIBUTE

09:42.733 --> 09:49.566 align:start position:10% line:74% size:25%
ITS SHARE.

09:44.900 --> 09:51.533 align:start position:10% line:74% size:77.5%
>> IT IS THE SAME, I THINK, JIM

09:46.866 --> 09:52.400 align:start position:10% line:74% size:57.5%
WOULD AGO REWITH US ON.

09:49.566 --> 09:53.700 align:start position:10% line:74% size:77.5%
WE HAVE FOUND THEY DID NOT MAKE

09:51.533 --> 09:56.033 align:start position:10% line:74% size:37.5%
THEIR PAYMENTS.

09:52.400 --> 09:57.333 align:start position:10% line:74% size:65%
THEIR FULL PAYMENTS TO THE

09:53.700 --> 09:58.466 align:start position:10% line:74% size:77.5%
PENSION FUNDS AND THE BENEFITS,

09:56.033 --> 09:59.833 align:start position:10% line:74% size:65%
THEY ARE NOT FUNDING THEIR

09:57.333 --> 10:02.366 align:start position:10% line:74% size:67.5%
BENEFITS AND THEY SAY IT IS

09:58.466 --> 10:03.600 align:start position:10% line:74% size:77.5%
BECAUSE THE MONEY IS NOT THERE,

09:59.833 --> 10:04.966 align:start position:10% line:74% size:80%
AND I THINK JIM AND OTHERS WOULD

10:02.366 --> 10:06.833 align:start position:10% line:74% size:75%
PROBABLY DISAGREE BUT THE FACT

10:03.600 --> 10:08.433 align:start position:10% line:74% size:72.5%
OF THE MATTER IS THAT COUPLED

10:04.966 --> 10:11.266 align:start position:10% line:74% size:80%
WITH THE RECESSION AND LOSSES IN

10:06.833 --> 10:12.433 align:start position:10% line:74% size:72.5%
THE STOCK MARKET AND THE FACT

10:08.433 --> 10:15.600 align:start position:10% line:74% size:65%
THAT, LET'S BE HONEST, LAW

10:11.266 --> 10:17.333 align:start position:10% line:74% size:70%
ENFORCEMENT FOKTS ARE MAKING

10:12.433 --> 10:19.333 align:start position:10% line:74% size:75%
MONEY AND THEY ARE LIVING LONG

10:15.600 --> 10:21.700 align:start position:10% line:74% size:70%
AND THE PENSION BENEFITS ARE

10:17.333 --> 10:22.466 align:start position:10% line:74% size:72.5%
SWEETER AND THAT IS A PERFECT

10:19.333 --> 10:25.266 align:start position:10% line:74% size:67.5%
STORM THAT CAUSEDS FUNDS TO

10:21.700 --> 10:27.100 align:start position:10% line:74% size:17.5%
SUFFER.

10:22.466 --> 10:28.400 align:start position:10% line:74% size:65%
GIVE ME AN IDEA OF WHAT AN

10:25.266 --> 10:31.100 align:start position:10% line:74% size:80%
AVERAGE PENSION IS FOR A RETIRED

10:27.100 --> 10:32.333 align:start position:10% line:74% size:77.5%
POLICE OFFICER OR FIREFIGHTERS?

10:28.400 --> 10:33.966 align:start position:10% line:74% size:80%
>> IT WOULD BE IN AND AROUND THE

10:31.100 --> 10:34.833 align:start position:10% line:74% size:10%
50s.

10:32.333 --> 10:40.633 align:start position:10% line:74% size:80%
IT DEPENDS ON WHAT AREA YOU WERE

10:33.966 --> 10:42.366 align:start position:10% line:74% size:7.5%
IN.

10:34.833 --> 10:43.900 align:start position:10% line:74% size:72.5%
PAYING BENEFITS, IT CHAIGS BY

10:40.633 --> 10:45.600 align:start position:10% line:74% size:75%
WHAT COMMUNITY YOU WORKED FOR.

10:42.366 --> 10:47.966 align:start position:10% line:74% size:67.5%
IN HAVE HIGHER THAN OTHERS.

10:43.900 --> 10:49.433 align:start position:10% line:74% size:57.5%
I WOULD SAY IN THE 50s.

10:45.600 --> 10:51.533 align:start position:10% line:74% size:75%
DO THEY GET SOCIAL SECURITY NO

10:47.966 --> 10:53.633 align:start position:10% line:74% size:80%
THE CITY DOESN'T HAVE TO PAY FOR

10:49.433 --> 10:56.500 align:start position:10% line:74% size:75%
THE SOCIAL SECURITY END OF IT,

10:51.533 --> 10:58.066 align:start position:10% line:74% size:77.5%
AND THE BENEFIT THAT GIVES THEM

10:53.633 --> 11:00.366 align:start position:10% line:74% size:75%
THEIR BACKUP IS THEIR PENSION.

10:56.500 --> 11:03.533 align:start position:10% line:74% size:77.5%
>> WHAT WE NEED TO REMEMBER FEF

10:58.066 --> 11:06.200 align:start position:10% line:74% size:65%
FOLKS THAT ARE ELIGIBLE TO

11:00.366 --> 11:07.033 align:start position:10% line:74% size:67.5%
RETIRE AT AGE 50 AND 75% OF

11:03.533 --> 11:08.133 align:start position:10% line:74% size:55%
THEIR HIGHEST WAGE AND

11:06.200 --> 11:11.433 align:start position:10% line:74% size:70%
COMPOUNDING INTEREST AND FOR

11:07.033 --> 11:13.666 align:start position:10% line:74% size:70%
POLICE AND FIREFIGHTERS THAT

11:08.133 --> 11:17.066 align:start position:10% line:74% size:72.5%
MEANS THEIR SPOUSE GETS THEIR

11:11.433 --> 11:19.700 align:start position:10% line:74% size:62.5%
BENEFIT WITH NO DECREASE.

11:13.666 --> 11:21.600 align:start position:10% line:74% size:77.5%
THAT IS A NOT FINANCIALLY SOLVE

11:17.066 --> 11:24.100 align:start position:10% line:74% size:80%
VENT SYSTEM, AND AN APPROACH, IT

11:19.700 --> 11:25.800 align:start position:10% line:74% size:70%
CAME AT A TAME WHEN A LOT OF

11:21.600 --> 11:27.666 align:start position:10% line:74% size:67.5%
CHANGES WERE MADE THE STOCK

11:24.100 --> 11:31.033 align:start position:10% line:74% size:72.5%
MARKET WAS GOING CRAZY IN THE

11:25.800 --> 11:32.600 align:start position:10% line:74% size:77.5%
EARLY 90s AND WE DON'T HAVE THE

11:27.666 --> 11:34.600 align:start position:10% line:74% size:72.5%
ABILITY TO KEEP PAYING AT THE

11:31.033 --> 11:36.266 align:start position:10% line:74% size:27.5%
SAME LEVEL.

11:32.600 --> 11:38.700 align:start position:10% line:74% size:77.5%
WE HAVE A CHOICE, WE REFORM THE

11:34.600 --> 11:40.566 align:start position:10% line:74% size:70%
SYSTEM AND WE DO IT IN A WAY

11:36.266 --> 11:42.766 align:start position:10% line:74% size:77.5%
THAT IS PROTECTED OR WE HAVE TO

11:38.700 --> 11:43.033 align:start position:10% line:74% size:70%
PREPARE FOR BIG TAX INCREASE

11:40.566 --> 11:46.166 align:start position:10% line:74% size:75%
THAN AND UTILITY TAX, PROPERTY

11:42.766 --> 11:47.866 align:start position:10% line:74% size:10%
TAX.

11:43.033 --> 11:50.033 align:start position:10% line:74% size:67.5%
WE ARE NOT THE LARGEST HOME

11:46.166 --> 11:51.666 align:start position:10% line:74% size:75%
RULED KMTD IN THE STATE AND WE

11:47.866 --> 11:52.033 align:start position:10% line:74% size:80%
ARE UP AGAINST PROPERTY TAX CAPS

11:50.033 --> 11:54.433 align:start position:10% line:74% size:70%
AND WE CAN'T RAISE OUR RATES

11:51.666 --> 11:55.633 align:start position:10% line:74% size:17.5%
HIGHER.

11:52.033 --> 11:57.233 align:start position:10% line:74% size:75%
WE HAVE TO LOOK AT A DIFFERENT

11:54.433 --> 11:58.733 align:start position:10% line:74% size:52.5%
WAY TO RAISE REVENUE.

11:55.633 --> 12:00.433 align:start position:10% line:74% size:70%
WE ARE LOOKING AT REFORMS TO

11:57.233 --> 12:01.866 align:start position:10% line:74% size:55%
DEAL WITH THE PROBLEM.

11:58.733 --> 12:04.300 align:start position:10% line:74% size:65%
>> SO THE PENSION IS GOING

12:00.433 --> 12:07.133 align:start position:10% line:74% size:80%
FORWARD AS YOU MENTION, AND THEY

12:01.866 --> 12:08.233 align:start position:10% line:74% size:65%
HAVE BEEN CHANGED AND THEY

12:04.300 --> 12:10.766 align:start position:10% line:74% size:72.5%
REDUCED ALL FROM THE COLAS TO

12:07.133 --> 12:12.500 align:start position:10% line:74% size:40%
THE RETURMT AGE.

12:08.233 --> 12:13.733 align:start position:10% line:74% size:72.5%
A LOT OF THIS WE HAVE TO KEEP

12:10.766 --> 12:15.400 align:start position:10% line:74% size:75%
PERSPECTIVE ON WHEN WE LOOK AT

12:12.500 --> 12:17.966 align:start position:10% line:74% size:72.5%
PUBLIC SAFETY INDIVIDUALS WHY

12:13.733 --> 12:20.133 align:start position:10% line:74% size:65%
THEY RETIRE AT THATLE AGE.

12:15.400 --> 12:21.666 align:start position:10% line:74% size:72.5%
DO YOU WANT A 60-YEAR-OLD MAN

12:17.966 --> 12:23.466 align:start position:10% line:74% size:72.5%
WRESTLING WITH AN 18-YEAR-OLD

12:20.133 --> 12:25.100 align:start position:10% line:74% size:35%
MAN OUT THERE.

12:21.666 --> 12:28.966 align:start position:10% line:74% size:72.5%
YOU WILL HAVE A DISABILITY ON

12:23.466 --> 12:30.633 align:start position:10% line:74% size:42.5%
THAT 60-YEAR-OLD.

12:25.100 --> 12:32.766 align:start position:10% line:74% size:70%
WE DESIGN THE PLANS WITH THE

12:28.966 --> 12:35.633 align:start position:10% line:74% size:75%
INDIVIDUALS IN MIND TO GET THE

12:30.633 --> 12:36.800 align:start position:10% line:74% size:62.5%
ROTATION OUT AND BRING IN

12:32.766 --> 12:38.300 align:start position:10% line:74% size:72.5%
YOUNGER PEOPLE AS YOU POINTED

12:35.633 --> 12:38.600 align:start position:10% line:74% size:80%
AUTOMATIC THERE ARE BANKRUPTCIES

12:36.800 --> 12:42.133 align:start position:10% line:74% size:77.5%
IN THE U.S. THAT WE ARE TALKING

12:38.300 --> 12:43.333 align:start position:10% line:74% size:15%
ABOUT.

12:38.600 --> 12:45.900 align:start position:10% line:74% size:77.5%
FOR EXAMPLE, OYK ORANGE COUNTY,

12:42.133 --> 12:47.533 align:start position:10% line:74% size:80%
CALIFORNIA, FILED FOR BANKRUPTCY

12:43.333 --> 12:50.733 align:start position:10% line:74% size:20%
IN 1994.

12:45.900 --> 12:52.166 align:start position:10% line:74% size:72.5%
DETROIT, MICHIGAN, WELL KNOWN

12:47.533 --> 12:54.366 align:start position:10% line:74% size:67.5%
CASE, 700,000-PLUS IN 2012.

12:50.733 --> 12:56.266 align:start position:10% line:74% size:62.5%
JEFFERSON COUNTY, ALABAMA

12:52.166 --> 12:58.366 align:start position:10% line:74% size:77.5%
POPULATION ABOUT 700,000, FILED

12:54.366 --> 12:59.566 align:start position:10% line:74% size:20%
IN 2011.

12:56.266 --> 13:00.866 align:start position:10% line:74% size:40%
IN SOME OF THOSE

12:58.366 --> 13:03.566 align:start position:10% line:74% size:47.5%
JURISDICTIONINGS MY

12:59.566 --> 13:05.066 align:start position:10% line:74% size:62.5%
UNDERSTANDING THINKS WERE

13:00.866 --> 13:05.466 align:start position:10% line:74% size:80%
CONSTITUTIONAL PROTECT TEXTS AND

13:03.566 --> 13:06.333 align:start position:10% line:74% size:75%
FEDERAL COURTS WENT ALONG WITH

13:05.066 --> 13:08.133 align:start position:10% line:74% size:7.5%
IT.

13:05.466 --> 13:09.333 align:start position:10% line:74% size:22.5%
HOW COME?

13:06.333 --> 13:10.500 align:start position:10% line:74% size:60%
>> THAT IS WHERE IT GETS

13:08.133 --> 13:11.800 align:start position:10% line:74% size:77.5%
INTERESTING, ESPECIALLY HERE IN

13:09.333 --> 13:12.866 align:start position:10% line:74% size:22.5%
ILLINOIS.

13:10.500 --> 13:14.400 align:start position:10% line:74% size:62.5%
PENSIONS PROTECTED BY THE

13:11.800 --> 13:17.033 align:start position:10% line:74% size:72.5%
CONSTITUTION BUT THE JIFRT OF

13:12.866 --> 13:18.300 align:start position:10% line:74% size:77.5%
WHAT HAPPENED IN THE BANKRUPTCY

13:14.400 --> 13:21.000 align:start position:10% line:74% size:80%
CASES AT THE FEDERAL JUDGES SAID

13:17.033 --> 13:23.700 align:start position:10% line:74% size:67.5%
FEDERAL LAW SUPERCEDES THAT

13:18.300 --> 13:24.733 align:start position:10% line:74% size:70%
STATE PROTECTION AND I THINK

13:21.000 --> 13:27.000 align:start position:10% line:74% size:75%
SOME JUDGES SAID THEY CAN'T BE

13:23.700 --> 13:29.100 align:start position:10% line:74% size:75%
ADJUSTED AND THIS IS WHERE THE

13:24.733 --> 13:30.266 align:start position:10% line:74% size:80%
FEAR IS IF THERE WAS A PROVISION

13:27.000 --> 13:31.633 align:start position:10% line:74% size:80%
IN ILLINOIS THAT ALLOWED THEM TO

13:29.100 --> 13:32.733 align:start position:10% line:74% size:70%
FILE FOR BANKRUPTCY A LOT OF

13:30.266 --> 13:35.566 align:start position:10% line:74% size:62.5%
PEOPLE WOULD SEEK TO TAKE

13:31.633 --> 13:36.466 align:start position:10% line:74% size:77.5%
ADVANTAGE OF IT BECAUSE SOME OF

13:32.733 --> 13:38.366 align:start position:10% line:74% size:75%
THE PENSIONS BENEFITS COULD BE

13:35.566 --> 13:39.233 align:start position:10% line:74% size:32.5%
RESTRUCTURED.

13:36.466 --> 13:40.700 align:start position:10% line:74% size:60%
>> AS WE MENTIONED JAMES

13:38.366 --> 13:43.233 align:start position:10% line:74% size:65%
MCNAMEE, TODAY THERE WAS A

13:39.233 --> 13:46.133 align:start position:10% line:74% size:75%
LAWSUIT FILED AGAINST THE CITY

13:40.700 --> 13:47.466 align:start position:10% line:74% size:70%
OF CHICAGO PLANS FOR PENSION

13:43.233 --> 13:48.733 align:start position:10% line:74% size:67.5%
REFORM THAT INCLUDES HIGHER

13:46.133 --> 13:50.033 align:start position:10% line:74% size:77.5%
CONTRIBUTIONS AND LOWER COST OF

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LIVING INCREASES.

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IS THIS A CONCERN THAT THE

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FEDERAL COURT MAY STEP IN AND

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SAY FEDERAL LAW PREEMPTS STATE

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LAWS?

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WE GET CONCERNED ABOUT THAT AND

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WE SHOULD LOOK AT MICHIGAN.

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MICHIGAN'S CONSTITUTION IS A

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LITTLE BIT DIFFERENT AND THE

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LANGUAGE IS DIFFERENT ABOUT HOW

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THEY PROTECT PENSIONS.

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AND THERE ARE DIFFERENCES THERE.

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AND IN CALIFORNIA WHERE THE

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BANKRUPTCIES CAME IN PLACE THE

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PENSION BENEFITS WERE NOT

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REDUCED.

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THE BANKRUPTCY COURTS DO D NOT

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REDUCE THEM.

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COULD HAVE BUT DIDN'T.

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AND IN CHICAGO, I THINK ONE OF

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THE QUESTIONS THAT WE HAVE TO

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GET GOING, AN ISSUE THAT WE HAVE

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BEEN PUSHING IS THEY SHOULDN'T

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BE SELLING OFFER INFRASTRUCTURE,

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TO PLUG A ONE-TERM BUDGET HOLE

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LIKE WHAT HAPPENED WITH PARKING

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METERS.

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THEY SHOULD HAVE BEEN LOOKING AT

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THE MONEY AND PARKING METER

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GIVEN TO THE PENSION FUND.

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>> WE ARE OUT OF TIME.

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BUT REAL QUICKLY, WHAT DO YOU

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WANT THE PUBLIC TO KEEP IN MIND?

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>> WE'LL HAVE A BUSY SPRING

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LEGISTATIVE SESSION AND

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UNDERLYING ACTION THAT HAS TO

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TAKE PLACE F IF WE TAKE ACTION

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SOME OF THE FUNDAMENTAL COST

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DRIVERS WE WON'T HAVE TO TALK

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ABOUT MUNICIPAL BANKRUPTCY.

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THE CITY OF ROCKFORD IS IN A

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STRONG FOOTING AND WE WILL DO

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OUR PART TO HELP LEAD REFORMS IN

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THE STATE.

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>> I APPRECIATE IT AND ANDREW

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SCHROEDTER AND PATRICK REHKAMP