Today the House and Senate will vote on legislation requested by the that would help the city receive its state to prevent it from running out of cash later this month. They will cast their ballots at approximately 4 p.m.
The legislation is sponsored by the chairmen of the House and Senate Finance Committees, both of whom are from East Providence, Rep. Helio Melo (D-Dist. 64, East Providence) and Sen. DanielDa Ponte (D-Dist. 14, East Providence, Pawtucket), reads the release.
The bill would give budget commissions – the panels appointed by the state to help financially troubled municipalities address their fiscal needs – the authority to certify to the state Department of Revenue that the city needs an advance of its education aid, and to determine the amount necessary. Under the legislation, if the state were to lose any interest by forwarding the advance, the general treasurer is to deduct that amount from the funds advanced, reads the release.
The advance would be more cost-effective for East Providence than borrowing more tax anticipation notes, since the city’s bond rating was .