Thursday, March 12, 2009

Firm: No Municipal Police Employees’ Retirement System lease

Officials with a Louisiana police pension fund are still waiting for a $2.4 million payment even though the company that’s supposed to submit those funds has no plans to do so.

Five months ago, officials with the Municipal Police Employees’ Retirement System signed a lease with Twin Cities Development LLC to explore for natural gas under the MPERS-owned Golf Club at StoneBridge in Bossier City. A Twin Cities official maintains there is no deal in place.

The confusion over the drilling deal is another blow for the pension fund that covers 10,000 Louisiana law enforcement employees. The pension fund — which has faced criticism over its investment in The StoneBridge and other golf courses — is facing a $300 million shortfall.

No comments: