East Providence Rhode Island may have no other choice
Think people are the only ones strapped for cash in the current economy? Think again. Rhode Island lawmakers are considering collecting state school dollars early, which is essentially a payday in advance. If they can’t do that, they may have to seek a private loan, which could be very expensive in light of their less than perfect credit rating.
The situation is so serious that if something isn’t done quickly, the city may not be able to make payroll at the end of the month.
They are seeking a $12.6 million advance. Their deficit is $7.2 million. Talk about a lot of debt.