City Council Approves Special Election for Troubled Pension System & Addresses Catalytic Converter Thefts

Mar 3, 2022 | 0 comments

March 3, 2022

PRESS RELEASE

City Council Approves Special Election for Troubled Pension System & Addresses Catalytic Converter Thefts

• Council passes a resolution that calls for a June 7 (amended) special election and asks residents to weigh in on whether they approve of borrowing $515 million to help the city’s
struggling pension system

• An ordinance was introduced targeting catalytic converter thefts by holding buyers and sellers of junk metal more accountable

• Councilors condemn the Russian invasion of Ukraine and stand in solidarity with the brave people of Ukraine

• Councilors passed a resolution calling on the Department of Public Works to standardize snowplowing across city neighborhoods

PROVIDENCE, RI – At tonight’s City Council meeting, a resolution passed that calls for a June 7 (amended) special election and puts the question of whether to borrow $515 million to help the city’s pension crisis in the hands of Providence voters. The council’s vote will now place a non-binding referendum question on a special ballot. The city’s Employee Retirement System (ERS) is one of the lowest funded pension plans in the nation. The Pension Working Group recommended Providence ask for state legislative authorization and voter approval to issue pension obligation bonds (POB). Legislation is currently pending in the General Assembly to allow the city to issue up to $515 million in pension obligation bonds. “It is imperative city taxpayers have the opportunity to decide on this extremely important financial decision and whether or not we issue these bonds,” said Council President John J. Igliozzi. “With low-interest rates, the timing for a pension obligation bond is ideal, but to move the proposal forward, we must have the support of residents.”

Catalytic Converter Theft
Councilman David Salvatore (Ward 14) introduced an ordinance aimed at curbing the growing problem of catalytic converter thefts across the city. The legislation would require licensed junkyards and auto repair shops to ask for proof of identification from the sellers of catalytic converters and keep and maintain records of the transactions. Licensees purchasing or acquiring catalytic converters will need to keep the converter for ten days. “Catalytic converter theft has been a continuous issue for residents in neighborhoods across the City of Providence. Tonight’s ordinance aims to strengthen local law enforcement’s ability to track down the perpetrators of these thefts and protect individuals and organizations from unknowingly acquiring and selling stolen goods. As Providence families face thousands of dollars in auto repairs due to catalytic converter theft, I will continue to explore all options at the city level to perturb this troublesome pattern” stated Salvatore.

Russia’s Invasion of Ukraine
The City Council unanimously approved a resolution condemning the unprovoked Russian invasion of Ukraine on February 23, and reckless war against the Ukrainian people. “While the violence and chaos may seem a world away, let us not lose sight of the very real pain and suffering impacting innocent people,” said the resolution. “The Providence City Council stands in solidarity with the brave people of Ukraine in their perilous struggle against foreign invaders and recognizes the thousands of Ukrainian Americans who proudly call Rhode Island home.”

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