“… Proposed $10 billion bond would be biggest pension obligation bond ever issued by a U.S. city … More than 400 governments have issued pension obligation bonds over the past 30 years. The volume was highest in 2003, the year the state of Illinois issued a $10 billion bond—still the largest ever by any U.S. city or state government. But that deal didn’t solve Illinois’s problems. Fifteen years later its state employee pension fund has just 35% of what it needs to afford all future benefits owed its workers.”