Timothy Iltz probably knows more about the financial health of local governments in Oregon than anyone else.
Iltz is a portfolio manager and municipal bond credit analyst for the Aquila Tax-Free Trust of Oregon, a fund that invests in bonds issued by local governments, counties and cities to fund public projects such as roads, bridges and schools.
These kinds of municipal bonds are usually a safe investment for investors. The risk of default is historically low and most muni bonds have high investment-grade ratings. But Oregon’s liabilities from the state’s Public Employees Retirement System, PERS, is on the radar of investors like Iltz, who is also vice president of Kirkpatrick Pettis Capital Management, a division of D.A. Davidson.