Investors are being treated with more dignity than workers and taxpayers in this state, while General Treasurer Gina Raimondo and Senator Daniel DaPonte take care of their own, past, present and future financial investment pals under the guise of being in it for the people!
Senate Finance Chairman Dan DaPonte’s little known, pay-bondholders-before-Rhode Islanders Law, 45-12-1, was signed into Law on July 1, 2011 by Gov. Lincoln Chafee, giving certain bonds, known as general obligations, legal priority over all other payments that municipalities must make, including retirement benefits.
The law requires Rhode Island’s cities, towns and districts to dedicate their general revenue to paying bondholders first, AND TO RAISE PROPERTY TAXES AS MUCH AS NECESSARY (above the Caps) to make all payments to bondholders on time. This virtually guarantees bond holders will receive their payments while R. I. Citizens will always be paying more and more in taxes!
Although Rhode Island’s bond law is the first of its kind in the U.S., it has been rarely discussed. Under the tutelage of the Governor, General Assembly, R.I. Treasurer Gina Raimondo and prime sponsor Senator DaPonte, who is also the owner of Axis Financial Advisors Group – Rhode Island is rapidly becoming an anti-default state!
It also gives less secure types of bonds priority, too, and as the law only applies to the Municipal level, it makes local officials personally liable for any losses they cause by failing to comply with it’s requirements.
It’s easy to see who those in government are looking out for…and it is NOT the property owners and taxpayers!
When are the People of this state going to say enough?
Practice it … say it often and say it loud …
I’m FED UP and I’m not going to take it anymore!