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Officials in Pennsylvania’s state capital are dealing with an abysmal issue they can’t afford to fix: 41 massive sinkholes throughout the city as wide as 50 feet and as deep as a typical grave. ……………. But the city is too broke to replace many of the aging pipes and repave its roads as it deals with ongoing budget woes and the looming threat of bankruptcy, according to media reports. The first of the [...] (Reuters) – America’s swelling ranks of fallen municipal borrowers have been blamed in the past year on ‘what-were-they-thinking’ causes, be it a Taj Mahal sewer system in Alabama or an overpriced trash incinerator in Pennsylvania’s capital city of Harrisburg. But the next series of major cities and counties in danger of defaulting on their debt can hardly point to one single decision for their malaise. Whether it be Detroit, Miami or [...] By Hilary Russ (Reuters) – Pennsylvania’s distressed capital city, Harrisburg, will skip $5.3 million of debt payments due next week, the first time the city has defaulted on its general obligation bonds, to ensure there is enough cash to fund vital services. Pennsylvania’s capital of 50,000 people is mired in $326 million of debt due to the expensive retrofits and repairs of its troubled trash incinerator. “Although this default on general obligation bonds [...] Last month, the capital city of Pennsylvania filed for Chapter 9 bankruptcy protection. Harrisburg had taken out a $317 million loan to fund a municipal incinerator, but it didn’t have the money to pay even interest on the loan, much less the principal. So the Harrisburg City Council did what any debtor, backed into a corner and seeing no way out, would do. Itfiled for bankruptcy protection. Court Calls “Backsies” That was a [...] (Reuters) – Pennsylvania Governor Tom Corbett signed legislation on Thursday that allows for the takeover of the state’s capital city of Harrisburg, setting up a legal confrontation between the state and the city. The bill paves the way for the governor to declare a state of fiscal emergency that leads to a recovery plan for Harrisburg, which filed for bankruptcy last week. Harrisburg, a city of about 50,000, is struggling to pay [...] DailyTicker Harrisburg, Pennsylvania now has the distinction of becoming the second U.S. city to file for bankruptcy protection this year. Pennsylvania’s capital and the city of 49,000 has been struggling under a massive debt burden for years after an incinerator project ballooned to $300 million – 5 times the city’s budget. It’s the largest municipal default since Vallejo, California went under in 2008. “We clearly will have more and [...] NJ: Pennsylvania’s capital city voted to file for Chapter 9 bankruptcy protection on Tuesday as it faced a state takeover, according to media reports. The City Council voted 4-3 to seek bankruptcy protection for Harrisburg, which has a debt burden five times its general-fund budget “because of an overhaul and expansion of a trash-to-energy incinerator that doesn’t generate enough revenue,” Bloomberg reported. The bankruptcy means the city will [...] by ZH We are confident the spinmasters will spin the first major domino in the muni crisis as bullish: after all it “removes uncertainty.” Bloomberg reports that “The city of Harrisburg, Pennsylvania, facing a state takeover of its finances, filed for bankruptcy protection following a vote by the City Council, according to a lawyer for the council.Mark D. Schwartz, a Bryn Mawr, Pennsylvania-based lawyer and a former public finance [...] Major concessions are being sought from municipal workers of Central Falls, where flags had been planted at the city’s memorial. (Elise Amendola/ Associated Press)
????CENTRAL FALLS, R.I. – At the community center, the subsidized lunch for seniors is no longer being served. The pool has been drained. Health screenings have been cancelled. The locks to the building were changed last week, and not even the acting director [...] The cooked meat weighed in at 88 pounds.
When customs officials at Dulles airport asked an Ethiopian man whether he was carrying any foreign food products, he very honestly replied “yes.” Officials said that when the searched the man’s luggage, they found 15 bags of cooked, curried sheep meat, weighing nearly 90 pounds. “Customs and Border Protection agriculture specialists typically encounter similar food products [...] 1) Geithner tries to reassure China over US deficit “BEIJING: US Treasury Secretary, Timothy Geithner tried to reassure China, ahead of his talks in Beijing, that the United States will get its deficit in order. In an interview released on Saturday, China’s official Xinhua News Agency reported Geithner as saying that the Obama administration is “going to tackle its deficit issue seriously.”” “Last year, the US government borrowed $1.4 [...] 1) Harrisburg Authority Will Skip $425,000 Bond Payment “April 12 (Bloomberg) — The Harrisburg Authority, operator of a trash-to-energy incinerator in the capital of Pennsylvania, won’t make a scheduled May 1 payment on $17 million in bonds from 2002, Executive Director Michele Torres said. The authority is preparing to notify the city, the guarantor of the bonds, that it will skip the $425,282 payment, Torres said in a [...] |
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