Providence lawmakers propose May special election for pension bond proposal

THE PROVIDENCE CITY COUNCIL is seeking state authorization to hold a special election on May 17 to let voters weigh in on a proposed $515 million pension obligation bond. / PBN FILE PHOTO/MIKE SKORSKI PROVIDENCE
PROVIDENCE - Letting voters weigh in on whether the city should borrow money to shore up its pension system was one of the key selling points for a proposed $515 million pension obligation bond. Now, plans for a special election are taking shape, with the Providence City Council on Tuesday proposing a May 17 ballot…

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  1. This proposed $515M POB is a testament to the incompetence of Elorza, Igliozzi and the PVD City Council, all of whom should be removed from office immediately before they inflict any further damage on the PVD taxpayers. To even suggest a POB without a thorough vetting by real municipal finance professionals (all of whom would have told Elorza & Co a POB is a disastrous idea) is total insanity. The willingness of these elected officials to inflict a a $515M POB on PVD proves that they are nothing more than union puppets.
    To ensure that intelligent taxpayers have little chance of rejecting this financial fiasco at the polls, our devious Council is holding the voting referendum on May 17 before the Brown robots (who will vote “Yes” on anything proposed by a D, even though none of them will ever pay a nickel towards retiring this $515M debt) and the other PVD schooled students return to their real homes for the summer.
    When PVD eventually defaults on this 38Studios repeat, the State will have to bail out the bondholders (or let PVD file for bankruptcy which it should just do now and avoid this continually growing future mess), so EVERY RI taxpayer should be demanding that their State Rep and Senator vote against PVD issuing this POB. That’s RIght folks, in the final analysis, ultimately EVERY RI taxpayer will eventually be on the hook for $515M without even having the chance to vote on it.
    It will be interesting to see if Nellie Gorbea has the moxie to do the RIght thing for the taxpayers and not allow this to go to referendum. She’ll probably let it go to ballot, however, since, she is nothing more than a Token SoS anyway.