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Providence, Rhode Island, voters approve $515 million of pension bonds – Bond Buyer

Voters in Windfall, Rhode Island, accredited a bond referendum authorizing the issuance of As a lot as $515 million of pension obligation bonds.

The referendum handed Tuesday by a 70% to 30% margin. However, solely about 4% of the eligible voters turned out, with the exact rely being 3,545 votes for and 1,519 in the direction ofs in a metropolis of 190,000.

In Might, metropolis officers went to the state Legislature with a reworked plan for issuing pension obligation bonds to shore up its beneathfunded pension system. The state House has accredited the sale of the bonds.

Mightor Jorge Elorza has said The metropolis wants the bonds to fund its pension system.

City of Windfall

Voter approval of the bond referendum had been obligatory earlier than the issuance might transfer forward.

The City Council now should give final approval for the bond issuance, Which might finance contrihoweverions in the direction of the unfunded pension liabilities.

The metropolis’s pension fund Is merely 24% funded and faces a $1.2 billion authorized obligation That is persevering with to develop. The metropolis additionally has a $1.1 billion authorized obligation for completely different submit-employment advantages, which The metropolis says is beneath administration.

Last yr, the Legislature turned down The metropolis’s plan to problem $850 million of pension bonds, with some critics calling the plan too huge and too dangerous.

The metropolis acquired here up with a reworked plan this yr That tried to …….

Source: https://www.bondbuyer.com/news/providence-rhode-island-voters-approve-515-million-of-pension-bonds

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