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Tue August 16, 2011
Residents get first dibs on RI bonds
By CATHERINE WELCH
PROVIDENCE, RI – General Treasurer Gina Raimondo is giving Rhode Island residents the chance to buy state bonds before they're available to large investment institutions. The state's selling $145 million in bonds, and on Monday and Tuesday residents can buy some of them in $1,000 and $5,000 increments.
Raimondo says this is the first time the general public will get first dibs on state bonds. "If people decide that investing in these bonds is appropriate for them, it's an opportunity to put their money to work," says Raimondo.
Interest earned from the state bonds is tax-free. Sales from the bonds will pay for a handful of projects including a new chemistry building at URI, improvements to RIPTA's bus fleet, and renovations at Fort Adams State Park.
Even if residents don't buy the bonds, Raimondo wants them to read the attached disclosure statement on the state's financial health. She promises that it's a better read than say the iTunes terms and conditions, but she's added to it and it's a little long.
"The pension section, for instance, used to be eight pages and is now 30 pages," says Raimondo." So when I say we beefed it up, we really beefed it up."
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