It’s time for a narrative change – Fed Up says… Pay Up!

* UPDATE *

Law 1450828_n2

The Rhode Island Commerce Corporation(aka EDC) acknowledges it must repay the State/Taxpayers for all 38 Studio bond payments.

FED UP in RI was correct on October 15th, 2015, when we formally asked the Rhode Island Commerce Corporation/EDC to comply with R.I. Gen. Law § 42-64-18 {5} in accordance with their ‘LEGAL’ obligation to repay the State/Taxpayers of Rhode Island for the General Assembly’s appropriations of funds to pay the 38 bondholders, as the Law reflects.

The Rhode Island Commerce Corporation/aka EDC recently responded to Fed Up in RI on October 29th, 2015 with the following excerpts concerning R.I. Gen. Law Section 42-64-18(5) by acknowledging;

“The EDC’s intention to repay the State is clearly mandated by the legislative intent upon which R.I. Gen. Laws § 42-64-18 {5} is based.”

“The EDC clearly recognizes this obligation.”

“Allowing the EDC to retain and not pay over to the State what is necessary to repay the State clearly would be to construe the statute “to achieve meaningless or absurd results”.”

Ten Day Letter144522802_1Exhibit 6810_n1

Although the Rhode Island Commerce Corporation/EDC failed in their response to address many additional questions that were posed, we will be pursuing the answers. At this time, we appreciate their response, as it is a beginning in making sure that the current Law is enforced on behalf of the taxpayers – because it wasn’t Curt Schilling that cost Rhode Island $75 million… it was the EDC.

To date, Fed Up in RI is still awaiting responses from:
Office of the Governor — Governor Gina M. Raimondo
Office of the RI General Treasurer — General Treasurer Seth Magaziner
Department of Administration — State Controller: Marc A. Leonetti

*Fed Up in RI will diligently continue seeking answers from these executive departments, as we will not tolerate their silence to persist into the next General Assembly session for fear they may possibly craft immunity legislation negating the Rhode Island Commerce Corporation/EDC’s legal obligation to repay the State.

To read Fed Up in RI’s Original Request and Notification Letters to the above named officials go to: https://fedupinri.wordpress.com/2015/10/15/fed-up-in-ri-exposes-the-fact-that-the-commerce-corporation-owes-every-penny-back/

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2 thoughts on “It’s time for a narrative change – Fed Up says… Pay Up!

  1. Although the EDC was legislatively created as a quasi-public corporation, it LEGALLY stands apart and is separate from the State of Rhode Island. It can sue and be sued, just like any other company in this State. It has it’s own assets, liabilities, & surpluses – which at this time it’s surplus is approx. $13.5 million – which according to this law should be used to pay back the State for taxpayer payments that have been made on the 38 Studio bonds. So, the question is… will Raimondo ask for $12.5 million in her next budget, or will she uphold the law and make the Commerce Corp. pay up? They do have more than $12.5 mil in surplus! It should be interesting to see her move, being that she wears two hats – 1) as Governor, whose constitutional mandate is to uphold the laws of the State faithfully, and 2) as chair member of the Commerce Corp./EDC. See, we know how to play chess too.

    • The State made us all part of this story when they demanded from the People that which they did not legally owe. We’re now saying ‘not so fast’ – by demanding from the Commerce Corporation/EDC that which it does legally owe… back to the People.

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