Almond: Council Has Questions About $25M Pension Loan

Baltimore County Council Chairwoman Vicki Almond says she has a few questions about a $25 million loan from the county pension system to pay for a new recycling facility.

But any answers she might have she's keeping to herself for the time being.

"I'd prefer not to comment," Almond, a Reisterstown Democrat, said Monday night following a council legislative session.

"The council is still looking at this issue," Almond said. "I just want to wait until we get some answers."

Almond confirmed that she was briefed on the loan after the council's July 31 work session. She declined to say what was discussed in the meeting with County Administrative Officer Fred Homan, and attended by some other senior council staff.

The Baltimore County Employees Retirement System board of trustees voted July 10 to approve a $25 million loan to the county to pay for a new recycling facility at the Texas Landfill in Cockeysville.

The county expects that facility will generate $200,000 a month from the processing and sale of recyclable materials from the county and other jurisdictions. The county has not provided the council nor the board with details on the business model or how it expects to meet those revenue goals.

Homan is a member of the board and sought the loan from the retirement system on behalf of the county. Four department heads who answer directly to Homan are also on the board.

The $2 billion pension system is 77 percent funded, according to recent county estimates.

Details of the loan, including whether or not the county is selling the Certificate of Participation bonds to the pension system, and under what authorization Homan had to make the deal are just some of the issues that Almond said she wanted addressed.

"I hope to have those answers in a few weeks," Almond said.

Almond said that she hasn't received and assurances the county would not complete the loan before she was more fully briefed.

When asked what was to stop the county from completing the loan before briefing her, Almond smiled and said: "No comment."

Read more: