NEW: Libertarians Warn "Full Cost" of Bonds on RI Ballot is $364M - Not $225M

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NEW: Libertarians Warn "Full Cost" of Bonds on RI Ballot is $364M - Not $225M

The Libertarian Party of Rhode Island is urging voters to look at the total cost of bonds on the ballot, after debt service.
The Libertarian Party of Rhode Island wants voters to know the "full cost" of the bond questions on the ballot, before Election Day on November 8. 

“Every election cycle, there are bond questions asking for more money for new projects,” said Party Chair Pat Ford. “Voter information has gotten much better as far as explaining the spending proposals. But no one asks, 'What happened with the money from two and four years ago?'

"Among the choices voters have to make in November, five questions on the Rhode Island ballot come with a price tag," said the party in its release. "Voters will have to decide whether to authorize the government to spend another $364 million. The total face value of the bond questions is $225 million, but interest over the life of the bonds – which create a general obligation to repay, like any loan or mortgage - adds another $139 million - almost 62% more debt to be paid."

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Seeking Full Disclosure 

Ford announced that Libertarian candidates, if elected, would expand the practice of disclosing the true cost of borrowing.

Under the Libertarian proposal, voter literature would include full disclosure of the names of the securities and legal firms - and the fees paid to them - for issuing the bonds. Expansion of voter information would also include full disclosure of the costs, progress, and status of government bonded projects approved by voters over the preceding five years.

“It's a case of out-of-sight, out-of-mind – and we really are out of our minds if we are only looking at the new borrowing right in front of us and not considering the balance already on the credit card,” Chairman Ford added.

The three Libertarian candidates running in for seats in the RI House of Representatives are Daryl Gould of Warren for District 67 (Barrington-Warren), William Hunt of Warren for District 68 (Warren-Bristol), and Analee Berretto of Bristol for District 69 (Bristol-Portsmouth).

“Rhode Island is one of the most heavily indebted states – in the world,” Chairman Ford said. “This collective amnesia has got to stop.”


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