Providence $500M bond issue to ease pension woes in jeopardy because of high interest rates

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A $500 MILLION PENSION obligation bond issue had been given the go-ahead by state legislators and Providence voters in order to ease the city's pension problems, but rising interest rates have put that bond issue in question. / PBN FILE PHOTO/CHRIS BERGENHEIM
A $500 MILLION PENSION obligation bond issue had been given the go-ahead by state legislators and Providence voters in order to ease the city's pension problems, but rising interest rates have put that bond issue in question. / PBN FILE PHOTO/CHRIS BERGENHEIM

Rising interest rates have thrown a monkey wrench into Providence’s plan to borrow $500 million to ease its deepening pension problems, and some say there’s not enough time to wait for lower rates. Issuing a $500 million pension obligation bond was the best option to address the city’s gaping $1.3 billion unfunded liability and curb

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