Posted on 09/02/2010 5:59:35 PM PDT by Nachum
HARRISBURG, Pa.- Tension is mounting in Harrisburg, Pa., concerning the city's potential fall into bankruptcy, observers said.Dauphin County, which is a guarantor of Harrisburg bonds, has given permission to a bond trustee, TD Bank, to sue the city over $35 million it owes on bond payments for an incinerator project, the Central Pennsylvania Business Journal reported Thursday.The city has balked at making payments, missing one deadline on Aug. 15, and County Commission Chairman Jeff Haste called city officials in a note to Councilman Brad Koplinski, "a bunch of cowards."
(Excerpt) Read more at upi.com ...
... which domino will start it all?
LOL! Liberal Hope and Change. Maybe that Obama arse kisser Billy Joel can write a song like Allentown.
“Well were living here in Harrisbug”
“and we expecting a bailout from Obama”
The Confederates couldn’t take Harrisburg, but now it’s ready to fall on its own.
Baraq will send in “Scranton Joe” Biden with a few hundred million bucks (borrowed from China) and look like a hero to the worshipful Pennsylvanians.
You know the unions are going to get theirs no matter what.
Another article...
“The incinerator is owned by a municipal entity, the Harrisburg Authority, that is separate from the city, but the city is the first guarantor of the debt. This year’s payments have been covered by debt reserves; Dauphin County, which is the guarantor behind the city on almost half of the debt; and bond insurer Assured Guaranty Municipal, a unit of Assured Guaranty Ltd. (AGO) that has guaranteed $196 million of the debt.
But the economy has taken a toll on the city’s bottom line as well. “It’s not just the Harrisburg Authority,” said Dan Miller, the elected city controller. “We’re in trouble with our debt.”
http://online.wsj.com/article/BT-CO-20100831-712777.html
And I just finished a phone screen for a temp to perm job there...
Tell me about it. The mayor is trying to dump the debt off on the county. She is totally incompetent. Declare bankruptcy and be done with it.
Lived near Harrisburg back in 1980’s
Was a hole then
Also roll up sidewalks after 9 pm...
I used to live near there also. Thought it was a pretty dull, unimpressive city for a state capital, and small. Only nice thing was driving out of it along the river front. Pretty park there.
No wonder Harrisburg recently enacted a municpal law against using a hand held cell phone while driving with a $500.00 fine for the third offense.
In many cities no one will notice a bit of a difference
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