Providence committee backs $515M pension obligation bond

THE PROVIDENCE CITY FINANCE COMMITTEE on Thursday voted to recommend that the R.I. General Assembly authorize the city to borrow $515 million in a pension obligation bond. /PBN FILE PHOTO/CHRIS BERGENHEIM
PROVIDENCE - A committee of city lawmakers threw their weight behind a proposal to borrow up to $515 million to shore up the city’s underfunded pension system. The Finance Committee’s 4-0 vote on Thursday serves as a recommendation which will now move to the full City Council for final consideration. Even then, a full council…

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2 COMMENTS

  1. There were no real Muni Finance Pros in the so-called Pension Working Group. Which is like asking your butcher to perform a heart transplant on you.
    Any real Muni Finance Pro will tell you that a POB is an idiotic idea (even more so when we are facing several Fed rate hikes) but then again idiotic ideas are par for course for Jorge.
    The Members of the PVD City Council Finance Committee who voted in favor of this fiasco should be removed from the Fin Comm immediately since they obviously are clueless wrt proper Muni Finance management. They should also be voted off the Council as soon as possible since they also obviously have no interest in acting in the best interests of the PVD taxpayers.