Small Rhode Island Town Goes Bankrupt

Tuesday, August 2, 2011
By Paul Martin

ByDouglas McIntyre
DailyFinance.com

Central Falls, Rhode Island, a little town in the northeast part of the state, with apopulation of only has 19,376, has gone into Chapter 9 bankruptcy.
The city has been struggling for some time but the final decision to put the city into Chapter 9 was made by Governor Lincoln Chaffee. General Treasurer Gina M. Raimondoreleased a statementMonday in which she said “While today’s difficult decision by Governor Chafee to file for bankruptcy was not made lightly, I am hopeful this means the citizens of Central Falls can begin to move forward and rebuild their community.
“Although we did everything feasible to avoid filing for bankruptcy, in the endwe were left with no other practice option, said former Rhode Island Supreme Court Justice Robert Flander, who was the city’s receiver for more than a year.

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