Central Falls Files For Bankruptcy After Union Fails To Agree To Pension Cuts

FarCenter

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Mon Aug-01-11 04:31 PM
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Central Falls Files For Bankruptcy After Union Fails To Agree To Pension Cuts

State-appointed receiver Robert Flanders, who filed the paperwork today on behalf of the city, said the bankruptcy was "inevitable" after union retirees failed to agree to significant concessions. Flanders had sought about $2.5 million in voluntary pension and benefit cuts from the city's unionized retirees.
...

The city's bankruptcy will likely test a new state law that gives GO bonds priority over other obligations. The law � hurriedly passed last month in anticipation of Central Falls' filing � requires local governments to pay bondholders first and raise property taxes as much as necessary to make those payments.

http://www.businessinsider.com/central-falls-files-for-bankruptcy-after-union-fails-to-agree-to-pension-cuts-2011-8

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madrchsod

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Mon Aug-01-11 04:58 PM
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1. it`s not the teachers fault...now who or what could be?

"a city with a bright future"..?

http://www.centralfallsri.us/

central falls is part of the providence metro complex that has contributed .....

$520,245,000 and counting to the two oil wars.---notice how fast it rises from the time i wrote this?

http://costofwar.com/en/state/RI/city/providence/

then throw in the bush/obama tax cuts and the recession...

i`d say the retires are paying...

as we all are

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