Providence pension bond pitch clears R.I. House

THE R.I. HOUSE on Wednesday approved state-enabling legislation allowing the city of Providence to move ahead with a $515 million pension obligation bond. Pictured is the R.I. Statehouse. / PBN FILE PHOTO/ARTISTIC IMAGES
PROVIDENCE – As interest rates rise, the window of opportunity is closing on the city's pitch to borrow half a billion dollars to pay down its mammoth pension debt. But the first hurdle to making the $515 million pension obligation bond a reality has been cleared, with the R.I. House approving state-enabling legislation Wednesday. The…

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  1. Any Legislator who votes in favor of this POB should be voted out of office at the first opportunity as they are clearly not acting in the best interests of the taxpayers. They are, in essence, using this $515M of taxpayer money to buy votes.