March 16, 2011
Providence Now Eligible for State Takeover and Suspension of Municipal Democracy
Barbara Polichetti of the Projo is reporting that Moody's has downgraded the City of Providence's bond rating. Combined with the budget deficits projected for this year and next, this means that the City of Providence now meets the conditions for state intervention specified in the"fiscal stabilization law" passed last year, ranging from the creation of a budget commission, to takeover by a receiver.
Thank you David Cicilline
Posted by: Chuck at March 16, 2011 8:40 PMExcuse me if I don't mourn the potential loss of the biggest set of hacks this side of Shi*cago. I speak of the Honorable (sic) Providence City Council.
Posted by: Tommy Cranston at March 16, 2011 8:41 PMProgressive/gangster Rhode Island moves yet another step closer to North Korea.
In 20-30 years, it will show up as a dark region on the satellite map next to Massachusetts and Connecticut.
I suggest leaving within the next decade. The fences will be going up soon to mitigate the flight of productive taxpayers.
Posted by: Dan at March 16, 2011 8:59 PMI am available, at a rate commensurate with that being paid in Central Falls.
Posted by: Warrington Faust at March 16, 2011 10:01 PM"Providence Now Eligible for State Takeover and Suspension of Municipal Democracy"
Damn you, Chuck!
Indeed, even worse than jacking the interest rate at which that city will have to borrow money, David "I'm so very very very very very proud" Cicilline has set the stage in Providence for outrageous receivers fees and for taxation without representation.
Posted by: Monique at March 16, 2011 10:42 PM(Great point, Andrew.)
Posted by: Monique at March 16, 2011 10:46 PM