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Rep. Lauren H. Carson added her support today for the decision of the Disaster Emergency Funding Board to establish a short-term $300 million line of credit for the State of Rhode Island in order maintain financial liquidity for the state. This line-of-credit decision includes oversight and reporting requirements outlining how the money is used and does not create any additional spending above the current state budget.
“This prudent decision establishes a line of credit for the state. It does not commit the state to borrowing the $300 million. Our major sources of revenue are at risk due to the economic threat that this virus has created. With the casinos closed, the tax filing date moved to July 15 and the shutdown of small businesses, in addition to the growing strains on state government services like food and soaring unemployment benefits, this judicious decision will go a long way to calm concerns and keep the state liquidity in check. Above all, we need the access to resources to stop the spread of this horrifying virus as quickly as possible. I completely support this decision,” said Representative Carson (D-Dist. 75, Newport) in a written statement.
The Disaster Emergency Funding Board met Thursday at the State House to make this decision. The board is comprised of Speaker of the House Nicholas Mattiello; Senate President Dominick Ruggerio; and the chairmen of the House and Senate Finance committees, Marvin L. Abney and William J. Conley Jr.
In a letter earlier in the week, Gov. Gina M. Raimondo asked the board to meet and approve borrowing $300 million from the federal government or other sources to fund the state’s response to COVID-19. The state will have until June 30, 2021, to repay the emergency loan.