Providence City Council approves June special election for pension bond proposal

THE PROVIDENCE CITY COUNCIL on Thursday approved a resolution for a special election on June 7 to let voters weigh in on a proposed $515 million pension obligation bond. / PBN FILE PHOTO/MIKE SKORSKI PROVIDENCE
PROVIDENCE - Providence voters will get to weigh in on whether the city should borrow $515 million to shore up its pension fund in a June special election. The Providence City Council on Thursday approved a resolution calling for the June 7 election on the proposed $515 million pension obligation bond. The 12-1 vote, with…

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  1. The GA has to stop this. It is another 38 Studios fiasco in the making.
    The only way this POB should be approved by the GA is if the POB is fully secured by a first lien on the assets in the pension plan.