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09-29-2011, 04:30 AM #1
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Capital of PA Going Bankrupt Over Alternative Energy Project
State Capital of PA Going Bankrupt Over Alternative Energy Project
Mike Shedlock
The state of Pennsylvania continues to take half-way measures in resolving the budget crisis in Harrisburg. New legislation fails to address two badly needed action items.
Please consider Harrisburg Might Get a Receiver Thanks to Pennsylvania Bill http://www.bloomberg.com/news/2011-09-2 ... -bill.html
Harrisburg may become Pennsylvania’s first municipality to fall under receivership.
The City Council in July and August rejected fiscal rescue blueprints from consultants hired by the state and Mayor Linda Thompson. Today, The state House of Representatives voted 185-9 for a bill that would let Republican Governor Tom Corbett name a receiver. The Senate still must consider the plan.
The capital city of 49,500 faces a debt burden five times its general-fund budget because of an overhaul and expansion of a trash-to-energy incinerator, which doesn’t generate enough revenue to cover the obligations. It avoided defaulting on general-obligation bonds in September and last year by getting advances on state aid.
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