By Heather Gillers, includes “Many U.S. towns and cities are years behind on their pension obligations. Now some are effectively planning to borrow money and put it into stocks and other investments in a bid to catch up. … Howard Cure, director of municipal bond research at Evercore Wealth Management, said that though he occasionally purchases the securities, the decision to issue them raises red flags. ‘I have a lot more questions about how an entity is governed if they’re using this tactic,’ Mr. Cure said.”