As many of you may have heard, Jan. 1, 2011 was a state mandated deadline for our city to fill its pension fund to 50 percent, or face a mandatory state takeover of our pension system. This takeover would have cost city taxpayers over $1 billion in additional funding over the next 30 years. With just hours to spare, the City Council was able to put together a plan that will avoid the state takeover, while providing an unprecedented level of committed funding to the pensions, and avoiding any major budget cuts or tax hikes.  What we put together is called a revenue covenant - where the city …