Rhode Island

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.

Fiscally troubled Central Falls, R.I., faces federal Chapter 9 bankruptcy if recommendations by the state-appointed receiver — which include annexation by a neighboring city — are not successfully implemented, according to a report released Thursday.

The state-appointed receiver who took over governing Central Falls, R.I., has appointed a “state receiver’s council” to take over from the elected City Council, state officials announced Tuesday.

A Rhode Island judge Monday upheld the constitutionality of the law allowing the state to appoint a receiver to take over the finances of troubled Central Falls.

Rhode Island Superior Court will hold a hearing Tuesday regarding the constitutionality of the state’s appointment of a receiver to oversee Central Falls’ finances. Motions were filed Monday.

Rhode Island Gov. Donald Carcieri on Tuesday blasted the state treasurer for attempting to halt a $75 million taxable bond deal.

Rhode Island Treasurer Frank Caprio on Monday urged Moody's Investors Service to withhold its rating on a $75 million taxable bond deal that would finance the relocation of a video game company headed by former Red Sox baseball player Curt Schilling.

Central Falls, R.I., plans to sell $2.1 million of deficit bonds to balance its budget under an austerity plan released by its state-appointed receiver Wednesday.

A receiver appointed by Rhode Island to take over the city of Central Falls’ operations moved quickly on his first day Monday, relieving its mayor of his duties and firing an official.

Rhode Island on Friday appointed a state receiver to oversee the finances of the insolvent city of Central Falls.

The insolvent city of Central Falls repaid $4.1 million of tax anticipation notes on time last week, Rhode Island officials said.