Citing the city’s tight financial picture, Finance Committee members decided Tuesday to withdraw support for a $40 million infrastructure bond proposed by Providence Mayor Jorge Elorza.
The money was intended for several projects including street and sidewalk repairs, as well as improvements to city sewer systems and parks and recreation facilities.
Members opposing the measure cited unfunded pension liabilities for retirees, and a poor rating from the credit ratings agency Moody’s.
But some City Council members support the bond, which has divided the council. Those supporters say opponents wanted some of the money to be distributed across city wards, which some city councilors said would amount to little more than a slush fund for the politicians.
