RI paying off large bond debt

PROVIDENCE—General Treasurer Frank Caprio says Rhode Island will repay the $350 million it borrowed from residents and other investors to fund state operations ahead of tax collections.

The tax anticipation notes allowed the state to fund projects and other operating expenses during the early part of the last fiscal year before officials began collecting taxes in the spring.

Caprio says the state will repay the notes on June 30, the last day of the current fiscal year. The short-term notes were made available to residents before they were offered to other investors last year.

Just over $25 million of the tax free notes were sold directly to residents.