Bill would commit gaming funds to debt

PROVIDENCE – Legislation introduced in the House last week aims to help the state more quickly pay down its debt by committing gambling revenue to its fiscal obligations.
Sponsored by Rep. James N. McLaughlin, D-Cumberland, the bill would commit 10 percent of the state’s share of gambling revenue to a restricted-receipt account to be used solely for debt service on state bonds. The bill is currently before the House Committee on Finance.
“Going to bond on various projects in the state – roads, schools, open space, etc. – is certainly a viable and convenient way to operate,” McLaughlin said in a statement, “but the mounting debt on those many bonds is staggering already and will be with us for years to come. And if we are forced to go to bond for other projects, that debt will continue to grow.” &#8226