No voter OK sought for RI transportation spending
August 5, 2012
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PROVIDENCE, R.I.—For the first time in years, Rhode Island will not ask voters' approval this year to borrow tens of millions of dollars for the state's transportation system.
The Providence Journal reports ( http://bit.ly/PXEPpL) that the change will save millions in interest. Officials say the savings will increase until the costs to service the debt end as previously issued bonds are paid off.
The state's highway projects are mostly financed by the federal government, which usually pays 80 percent. The state must pay the other 20 percent, which the state usually borrows.
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Information from: The Providence Journal, http://www.providencejournal.com
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