PERS General Electric, III

As PERS needs to earn 8% on its assets to keep up with its guarantee to Tier 1 participants, and gets into trouble through the Money Match program if it earns more than 8%, it occurred to me that PERS could fund a state and local purchase of PGE by lending the $2.35 billion in the form of a perpetual bond paying 8% interest.  As the revenues of PGE would provide the funding to pay the bond, and the greater part of those revenues come from customers in the City of Portland, the City would achieve its goal of buying PGE, albeit through the farebox instead of the stock exchange.