Rhode Island

The U.S. Bankruptcy Court for the District of Rhode Island in Providence has designated the Chapter 9 bankruptcy filing by Central Falls as historical, according to a court filing.

The bankruptcy filing of Central Falls, R.I., created another ripple Thursday, one day after the city's Chapter 9 case opened in downtown Providence.

As soon as Central Falls, R.I., filed for Chapter 9 bankruptcy protection, questions emerged.

The Central Falls City Council will hold a public meeting at 6 p.m. on Aug. 4, its first such meeting in more than a year.

One city is a capital in a large state often considered a battleground in presidential elections. The other occupies a blighted square mile in the nation's smallest state.

The state-appointed receiver overseeing Central Falls, R.I., asked retired police officers and firefighters on Tuesday for $2.5 million in permanent pension and health-benefit concessions for the city to avoid bankruptcy.

The Central Falls, R.I., City Council will hold its first public meeting in more than a year after Gov. Lincoln Chafee signed a bill requiring more input from local elected officials in communities under state receivership.

Gov. Lincoln Chafee has signed a bill requiring Rhode Island municipalities to guarantee that lenders get first rights to property taxes and general revenue, should the government entity file bankruptcy.

Legislation intended to give the City Council of Central Falls and any other community that lands in receivership a greater say in decision-making is headed to Gov. Lincoln Chafee's desk.

The state-appointed receiver overseeing Central Falls, R.I., said he will remain in that position until a recovery plan is in place for the troubled city.

Rhode Island's public colleges have proposed legislation to establish their own purchasing departments to spend money raised from tuition and fees.

Central Falls, R.I., received more bad news: The 2012 budget plan approved by the state House Finance Committee eliminated $6.7 million in aid to the struggling community.

Warning about a "heightened potential" for a default this summer and greater risk that Central Falls, R.I., cannot stabilize a pension plan without filing for Chapter 9 bankruptcy, Moody’s Investors Service on Friday downgraded the city’s general obligation rating one level to Caa1 from B3, affecting about $20.8 million of outstanding debt.

Rhode Island lawmakers are considering a package of bills related to municipal bankruptcies.

Puerto Rico faces a potential credit rating downgrade from Moody’s Investors Service as it heads to market with its first new-money general obligation bond issuance in more than two years.

In the April 13 story “Wisconsin Conduit on the March” by Yvette Shields, one could get the impression that the Wisconsin Public Finance Authority is a governmental entity created in that state because California wouldn’t do it and that the real beneficiaries are the trade association sponsors and private business interests, not any government.

When Woonsocket, R.I., sold deficit notes last year, it came at a high price, but it brought benefits as well. Unlike Central Falls, whose fiscal crisis prompted a change in Rhode Island law last year, Woonsocket has worked with the state to address its problems and last week fixed out its notes as short-term bonds.

The Securities and Exchange Commission has opened an investigation into Rhode Island's bond offerings, state General Treasurer Gina Raimondo announced Thursday.

Rhode Island Gov. Lincoln Chafee appointed a new receiver for fiscally troubled Central Falls on Monday. Chafee, who took office last month, appointed former state Supreme Court Justice Robert Flanders Jr. to replace retired Judge Mark Pfeiffer.

The battle over the constitutionality of the Rhode Island law that allowed a receiver to take over Central Falls' finances and governance is back in court.