Providence City Council backs pension obligation bond

THE PROVIDENCE CITY Council on Thursday voted to recommend that the General Assembly authorize the city to borrow $515 million in a pension obligation bond. Pictured is Providence City Hall. / PBN FILE PHOTO/CHRIS BERGENHEIM
PROVIDENCE – A pitch to borrow more than $500 million to funnel into the city’s pension system now rests with state lawmakers, after receiving the City Council’s backing Thursday. The council’s 9-1 vote serves as an endorsement and a request to the General Assembly to allow the city to proceed with a $515 million pension…

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