The Providence League of Women Voters' statement on the Pension Obligation Bond:

The Providence League of Women Voters Board after careful consideration urges Providence voters to approve the referendum on June 7. Approval does not mean the bonds will be issued. The reasons for approving are:

• With resumption of 3% COLAs the pension liability will continue to grow faster than the City’s revenue stream, robbing the City of the ability to make needed civic improvements.
• Guardrails for issuing the bonds include State Legislature approval, City Council approval, voter approval and favorable financial markets.
• The State and the City recognize the risks in financial markets and will not issue the bonds if the rate is above or close to 5% because the spread between interest on the bonds and growth in the City’s revenue stream and bond investments would be insufficient to pay off the bond.
• Bankruptcy means elected officials lose total control of City finances.

We also urge the City to revisit the COLA issue for current pensioners.

Information Compiled by the League Updated 6/12/2022

Deadlines
May 17: Mail Ballot Application Deadline for the Special Referendum Election. 
May 18 - June 6: Early Voting Period at City Hall Monday – Friday from 8:30 am–4:30 pm. Enter City Hall via Eddy Street. This ends MONDAY, June 6th at 4:00 pm.
June 7: Election Day. Polls will be open 7am - 8pm. Check to see the polls that will be open.