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The executive director of the RI Public Expenditure Council, John Simmons, testified yesterday before the Oversight Committee.  According to the AP he reported that if RI defaulted on the 38 Studios bond payments the state’s bond ratings would go down and future borrowing costs would go up, costing the State millions more. Those costs would be more than the $87 million the state currently owes for the $75 million dollar state backed loan.

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