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Panel to Hear Testimony on 38 Studios Bond Payment

Panel to Hear Testimony on 38 Studios Bond Payment

NewsRadio 920 WHJJ and the Associated Press

PROVIDENCE, R.I. (AP) — The House Oversight Committee is due to hear testimony on whether Rhode Island should honor its bond debt from the 38 Studios debacle.

A hearing is set for Thursday. John Simmons of the Rhode Island Public Expenditure Council is expected to testify. Gary Sasse of Bryant University's Institute for Public Leadership was also slated to testify, but a House spokesman said he asked to be removed from the witness list.

Gov. Lincoln Chafee's administration says it would be disastrous to default on the debt. He says doing so would harm the state's financial reputation and increase future borrowing costs.

Oversight Chairwoman Karen MacBeth has been a vocal critic of repayment.

Chafee's office says an independent report on the bond payment issue is due out soon.


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