Posted on 05/11/2017 4:12:00 AM PDT by MarchonDC09122009
Hartford Moves Closer to Bankruptcy, Soliciting Proposals From Law Firms - Courant Community
http://www.courant.com/community/hartford/hc-hartford-bankruptcy-lawyer-20170509-story.html
Courant Community Hartford Hartford Moves Closer to Bankruptcy, Soliciting Proposals From Law Firms
Hartford Mayor Luke Bronin answers questions from the public about the 2017-18 city budget. Bronin stood his ground with different agencies trying to keep funding for their interests.
City leaders have taken a step toward bankruptcy, soliciting proposals from law firms that specialize in Chapter 9, which protects financially strapped municipalities.
The city is reviewing several firms and could hire an attorney as early as this week, sources with knowledge of the plans said.
Mayor Luke Bronin has hinted for months that Hartford could file for bankruptcy, and said during his budget release in April that he was "not in a position to rule anything out."
He confirmed Tuesday that the city was looking at firms.
"We have not engaged bankruptcy counsel, but we have had initial conversations with firms that have experience in Chapter 9 and municipal restructuring," Bronin said. "Given the uncertainty of the state budget process and the depth of the state budget crisis, it shouldn't surprise anyone that we might engage counsel in the near future."
Hartford faces a $65 million deficit next year and a $14 million shortfall this year. Bronin has proposed cuts and concessions from the unions, but is still seeking $40 million in additional state aid to close next year's budget gap. The city resorted to short-term borrowing to cover costs such as payroll payments this year.
Council President Thomas "TJ" Clarke II, who was briefed by Bronin on the prospect of hiring a bankruptcy lawyer, called the move premature.
"I was told it was possible that a decision would be made before the end of this week," Clarke said Tuesday. "It's premature. We haven't exhausted every option and every avenue for us to go down this road."
Bronin has stressed that the state must be a partner in pulling Hartford from the brink of financial ruin, noting that more than half of the city's properties are tax-exempt and that Hartford has limited options for revenue. But the state has its own problems, with a more than $2 billion budget gap estimated for next year. It is unclear whether there is support in the General Assembly for bailing out Hartford.
"We've made clear for more than a year that Hartford's fiscal challenge cannot be responsibly solved at the local level alone with the tools that we have," Bronin said, "and we continue to push hard to build a new partnership with the state of Connecticut to put our capital city on a path to solvency, stability and growth."
Talk of bankruptcy has fanned tensions between the mayor and city council. Several council members said they are against the approach, and have advocated for alternatives, such as taxes on nonprofits or the consolidation of services with Hartford's board of education. Clarke on Monday suggested a citywide hiring freeze, though new police officers and firefighters would be exempt.
Lawmakers from Hartford met with council members at the state's Legislative Office Building Tuesday to discuss the city's dire outlook.
Councilwoman Cynthia Jennings asked for a review of how bankruptcy would affect the region.
"We don't need a summary or a study," House Majority Leader Matthew Ritter, D-Hartford, replied. "Hartford going bankrupt would be the most catastrophic financial thing that ever happened in the state of Connecticut."
Ritter said legislators are trying to rally support for Hartford.
"We will try everything in our power to hit the $40 million target," he said. "It keeps us up at night as much as it keeps you up at night and going bankrupt … would be terrible for the city. It would be terrible for the state. It's not something that any of us want to see and we're going to work very hard to make sure it doesn't happen."
Asked about the bankruptcy attorney, Ritter said: "Our goal is to make sure these lawyers never come to Hartford or bill an hour on behalf of the city of Hartford, and that the services they provide would be unnecessary."
Clarke said that if the city proceeds with legal representation, the council will look to hire its own lawyer. A key question members want answered is whether the mayor must get the council's approval to file for bankruptcy.
The state statute covering municipal bankruptcy says that a city or town must receive consent from the governor, and that the governor "shall submit a report to the treasurer and the joint standing committee of the general assembly." It doesn't specify whether a mayor needs the council's approval.
Hartford wouldn't be the first city in Connecticut to seek Chapter 9 protection. Bridgeport filed for bankruptcy in 1991, but a federal judge dismissed the petition, saying the city was capable of paying its bills.
Other cities that have filed include Detroit, Stockton and San Bernardino, Calif., and nearby Central Falls, R.I. Privacy Policy Copyright © 2017, Courant Community
Recent drive thru Hartford, CT’s Capitol saw several Pawn Shop billboards right near Aetna and other empty office buildings.
Never used to see Pawn shops in CT until 2009.
When did Obola take power?
Well, at least that’s one business that’s booming!
Democrat rule improves some businesses...
Silas Deane Pawn - CT’s Largest Pawn Shop!
http://www.silasdeanepawn.com/
Bristol
Cromwell
Manchester
Bloomfield
Wallingford
Vernon
Wethersfield
Cities exist because there are jobs there. People move to get the jobs. The jobs exist because the environment is good for companies; plenty of labor, low taxes, good environment, access to transportation routes, etc. The two, jobs and industry, are synergistic. Then comes the giant tick of government. There is so much money flowing that politicians get elected by promising to send some of that money to the people who elect them. Regulations and taxes, intended as the money syphon tubes, start reducing or cancelling the attributes that made the city viable. At some point the city’s economy reaches a tipping point where more and more money is required to keep the many ticks “healthy.” The infrastructure becomes either unworkable or too expensive and the companies move away. The sucking ticks of government and their plantation dwellers, however stay and you end up with another Detroit or coastal California.
The most expensive, newest cars in my car club are owned by anonymous state bureaucrats who are not even in management. They complain about low pay and not getting raises, but they own homes in nice neighborhoods and have several cars. They are even nice people; but their jobs are to “regulate” which does nothing for companies except cost them money. (If the job and the pay is so bad, why is it that they stay for thirty years?) Ticks.
Incidentally, I live in Tallahassee but the DMV is thirty miles away. I called their Customer “service” line. After ringing for a very long time it got transferred to an answering service. The woman I spoke with was unable to help me. She hesitantly suggested I call back as the DMV is supposed to pick up and answer. I asked her if anybody from the DMV ever actually answered the phone. The line was silent for so long I thought it was a dropped call. Finally she said, “I’m sorry. I can’t respond to that question.” Ticks.
I Love that Graphic!
True ‘dat
“The state of Connecticut has been hit hard by the double whammy of a deteriorating local economy, coupled with a plunge in hedge fund profits - as well as hedge fund managers permanently relocating to Florida”
A lesson of sorts for California. Big players leave and you will have the same results.
These bastions of Democrat Liberal Elites are succumbing to their greed and power structures. They have sucked all the blood out of America and without the control of DC they cannot suck our blood.They are like Vampires and Chuckie and the Democrats are having a hard time manipulating America. Drain the Swamp Mr. President.
I also saw billboards promoting discount cremations during a recent drive through Hartford CT.
Dying state indeed...
Affordable Cremations
www.affordablecremationct.com
Complete cremation for only $975 at Affordable Cremation of Connecticut, an independent family owned funeral home.
Affordable Cremation Cost $275.00 - Brookside Crematory
www.brooksidecrematory.com
A. Basic Cremation refers to a simple, affordable direct cremation arrangement without any formal funeral rites. Brookside, Connecticut’s Leading Crematory, ...
If only the Whalers would return to Hartford...
The rich (job creators) voted with their feet. Companies even moved to more friendly MA!
...
Rich people don’t mind getting their taxes raised as long as they also have a way to avoid it. I guess Hartford and CT are now leaving out the avoidance part.
Pass the bill onto your freind...
Spend, spend, spend.....
bttt
Just raise taxes. Double the taxes! /s
No. It was Putin. Putin moved the Hartford Whalers here to NC. It was all downhill from there.
Check out page 29 of the FY17 adopted budget. It’s easy enough to google. That one page explains it all. What a freakin’ charlie foxtrot.
Good one
The Yard Goats are here—We are saved!
Another trait of the insanity caused by liberalism (besides the inability to see reality and/or accept truth) is the putrid hate of capitalism. It brings out “class envy” within them so they devise ways to legally steal the fruits of another’s labor to the point where that individual will move outside their jurisdiction or just quit working all together. They cannot stand someone achieving beyond what they consider “fair” as they see themselves “the elite, know it all type” and what’s best for the collective....it drives em even crazier to see/deal with a high achiever: Thus their vile hatred of Trump and those like him.
What you see happening in Venezuela, and now Hartford, is the final classic result of this insanity caused by liberalism.
Liberals should NEVER be allow near the levers of power & government anywhere in the world. They are the “walking dead”.
There is no co-existing with those that want to totally destroy everything you live for.
Tragic. CT was a beautiful state with great people. The Productive Class did not want to leave, and stayed as long as they possibly could, but the state has crossed the Rubicon. They are fleeing now and not looking back. There is no limit to how low the Nutmeg State can go.
Thanks for pointing that out.
BTW, the only budget item that seems reasonable and may be underfunded is Solid Waste Management.
Fukkers who ruined CT should be sent out on Wood Chipper roadcrew duty wearing Very long scarves!
https://www.cga.ct.gov/ofa/add-budinfo1617.asp
http://www.courant.com/politics/hc-2017-ct-state-budget-list-htmlstory.html
So Well Said Post of this thread!
“Another trait of the insanity caused by liberalism (besides the inability to see reality and/or accept truth) is the putrid hate of capitalism. It brings out “class envy” within them so they devise ways to legally steal the fruits of another’s labor to the point where that individual will move outside their jurisdiction or just quit working all together. They cannot stand someone achieving beyond what they consider “fair” as they see themselves “the elite, know it all type” and what’s best for the collective....it drives em even crazier to see/deal with a high achiever: Thus their vile hatred of Trump and those like him.
What you see happening in *Venezuela, and now Hartford, is the final classic result of this insanity caused by liberalism.
Liberals should NEVER be allow near the levers of power & government anywhere in the world. They are the “walking dead”.
There is no co-existing with those that want to totally destroy everything you live for.”
*and: Puerto Rico, Detroit, Chicago, Baltimore, and nearly every city, state and (EU) countries run by leftists bassturds.
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