Senate signs off on Providence pension bond proposal

Update: 3:55

THE RI SENATE on Tuesday approved state-enabling legislation for Providence's proposed $515 million pension obligation bond. PBN FILE PHOTO/ARTISTIC IMAGES
PROVIDENCE – The capital city’s pitch to borrow half a billion dollars to pay down its unfunded pension liability could soon become reality, with the Senate approving state-enabling legislation on Tuesday. The Senate’s passage by a 31-5 vote follows a June 1 approval by the House on the proposed $515 pension obligation bond, which requires…

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  1. Our so-called democracy has drastically failed us, when less than 4,000 voters can commit 120,000 “voters” to assume $515 million in needless public debt. The self serving politicians who saddled us with this debt should be driven from office immediately.