Bills advance Providence pension obligation bond idea, with higher borrowing limit

LEGISLATION INTRODUCED in the R.I. General Assembly would let the city of Providence borrow up to $750 million to shore up its underfunded pension fund. Pictured is Providence City Hall. / PBN FILE PHOTO/CHRIS BERGENHEIM
PROVIDENCE – Legislation introduced in both chambers of the General Assembly last week would let the city borrow up to $750 million to shore up its woefully underfunded pension fund. The companion bills, introduced by Sen. Maryellen Goodwin and Rep. Scott Slater, both Providence Democrats, follow an announcement made by Mayor Jorge O. Elorza earlier…

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