Providence voters vote in favor of $515M pension bond

PROVIDENCE, R.I. (WLNE) — Providence voters overwhelmingly voted in favor of supporting a $515 million bond to help fund the city’s pension system.

Voters approved the bond on 70% to 30% margin Tuesday night. Roughly 4% of registered voters in the city casted a ballot Tuesday.

The bond is an attempt to replenish the city’s historically underfunded pension system.

With voters voting yes on the measure, the final decision will come down to Mayor Jorge Elorza and City Council President John Igliozzi, who are both in support of the bond.

The city will have 25-years to pay off the $515 million bond.