Elorza unveils pension reform plan through $700M bond

PROVIDENCE MAYOR Jorge O. Elorza on Thursday announced plans to borrow up to $704 million through a pension obligation bond to help shore up the city's beleaguered pension fund. / PBN FILE PHOTO/STEPHANIE ALVAREZ EWENS
PROVIDENCE – The city of Providence is asking the state to let it borrow up to $704 million to aid its beleaguered pension fund, Mayor Jorge O. Elorza announced in a virtual press conference on Thursday. The 25-year, fixed interest-rate pension obligation bond requires legislation to bypass state laws that limit the amount of debt…

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