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…
View original post 147 more words