Fewer than 3,600 city voters on Tuesday backed Mayor Jorge Elorza’s proposal to borrow $515 million to shore up Providence’s ailing pension fund, according to unofficial results from the Board of Canvassers.
But even fewer voted against the bond.
In a special election that saw just 4 percent of the Providence’s 124,000 registered voters participate, the $515 million pension obligation bond won approval by a wide margin, with 70 percent supporting the proposal.
The plan still needs to be approved by the state Senate, but Tuesday’s vote dramatically increased the likelihood that Providence will be allowed to borrow $515 million and deposit the proceeds into the retirement system to invest.
Elorza has said the infusion of cash from the bond will allow the city to stabilize its pension fund, which has just 26 percent of the $1.6 billion it needs to pay current and future retirees over the next several decades, according to the city’s financial records.
Publication Date: 7 June 2022
Publication Site: Boston Globe