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Fri June 21, 2013
Republicans Hold Firm To Not Paying Back 38 Studios Bonds
The Republican leader in the Rhode Island House of Representatives is urging lawmakers to reject calls to pay back bonds for failed video game company 38 Studios. Other state officials say a failure to pay back the bonds will hurt the state.
House Minority Leader Brian Newberry says the 6 Republicans in the House will unanimously oppose any effort to repay the 38 Studios bonds. He said legislative Democrats are rushing to judgment on the issue without having done their homework.
In a letter to lawmakers, Newberry said not paying back the 38 Studios’ bonds will cost the state less than paying back the bonds. Newberry said even if Rhode Island faces higher borrowing costs, the expense will be less than the 90 million dollars due for the bonds.
Governor Lincoln Chafee and Treasurer Gina Raimondo argue that not paying back the 38 Studios will hurt the state for years to come. On Tuesday, the House of Representatives will vote on a budget that includes an initial 2 and a half million dollar payment for 38 Studios’ bonds.
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