August 4, 2011 A Rhode Island City’s Budget Woes lead to Municipal Bankruptcy
Central Falls, RI is broke. A withering tax base coupled with pension obligations has forced this old New England textile town to file for bankruptcy under US Code Chapter 9 Title 11.
On Point guest host Jacki Lyden, leads a discussion centered on municipal budget issues and what happens in the rare circumstance when cities can’t pay their debts.
“How Central Falls became a city with a troubled future may be an object lesson for many other municipalities around the country who are in dire straits.”