Rhode Island

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.

The insolvent city of Central Falls, R.I., will transition from judicially appointed receivership to state receivership under a consent order granted Friday in Superior Court.

A new law heading to Rhode Island Gov. Donald Carcieri’s desk for his signature is intended to bring the insolvent city of Central Falls out of receivership and under a new state oversight regime.

Rhode Island Gov. Donald Carcieri said on Friday he would allow the General Assembly’s $7.8 billion fiscal 2011 budget to become law without his signature.

The Rhode Island House is expected to vote on a $7.8 billion fiscal 2011 budget today that would authorize a $350 million tax anticipation note issue and put two bond deals on the November ballot. It would also cut spending in the current fiscal year.

Holders of Central Falls, R.I., debt will get paid — at least that’s the plan, according to the court-appointed temporary receiver who is now running things.

Rhode Island’s $144.7 million, three-part bond deal tomorrow will be the first in which an entire state has been designated a “recovery zone.”

Rhode Island Gov. Donald Carcieri on Monday announced that Susanne Greschner will head up the Division of Municipal Finance. The unit is a part of the Department of Revenue.

Rhode Island budget director Rosemary Booth Gallogly will leave her post to become acting director of the departments of administration and revenue, pending Senate confirmation, Gov. Donald Carcieri announced Tuesday.

Rhode Island Gov. Donald Carcieri yesterday proposed a $7.5 billion fiscal 2011 all-funds budget that would close a $405 million budget deficit. The proposal would reduce local aid to municipalities sharply to $838.7 million from $1 billion in the enacted budget in the current fiscal year.

The Rhode Island General Assembly began its 2010 session yesterday, but tackling the state’s $218 million current fiscal year deficit was not on the agenda.