Providence City Council approves $515M pension obligation bond

Updated at 7 p.m.

THE PROVIDENCE CITY COUNCIL will vote Thursday night to authorize the city to borrow $515 million to shore up its pension fund. / PBN FILE PHOTO/CHRIS BERGENHEIM
PROVIDENCE – With the blessing from the Statehouse, city lawmakers are moving ahead with plans to borrow half a billion dollars to shore up the beleaguered pension fund. The City Council on Thursday night approved a resolution authorizing the city to issue the $515 million pension obligation bond by an 11-1 vote with no discussion.…

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  1. This all sounds well and good, but none of these people have any municipal finance acumen and it is doubtful that they will develop any during the the next five years, so they will eventually issue the POB, saddling the taxpayers with $515 million of unnecessary debt in order to allow the pensioners to continue to pig out at the trough filled with taxpayer dollars.
    Sweet deal for brokers selling these bonds.