Tuesday, April 27, 2010

Pennsylvania Capital Told to Consider Bankruptcy Protection

Harrisburg, Pennsylvania, which has missed $6 million in debt payments since Jan. 1, should consider Chapter 9 bankruptcy protection, City Controller Dan Miller told a three-hour special committee hearing today.

Miller, the first of four people to testify in an "informational session" on insolvency convened by Gloria Martin-Roberts, council president, said bankruptcy would offer Harrisburg relief from $68 million in debt-service payments the city faces this year in connection with a waste-to-energy incinerator project. Martin-Roberts opposes bankruptcy.

Harrisburg, the capital of Pennsylvania, the sixth-most populous U.S. state, has guaranteed payments on $282 million in bonds on the incinerator operated by the Harrisburg Authority. The payments due on the bonds and a working capital loan this year are four times the amount the city collects in property taxes each year, according to the city budget.
More Here..

10 comments:

  1. LOL.

    Four times the amount of property taxes.

    Perhaps it ought be law that no municipality may allocate more than their property taxes to budget.
    Then they could not levy fines nor tax sales nor tax anything other than ones physical property.

    That would simplify the budget and eliminate incentives to finagle money from the people through the abuse of law or any other such premise.

    Honest government would mean honest finances in government. Word has it they had that for a short while in the fifth province of the seventh circle of hell, but it didn't work well.

    ReplyDelete
  2. america for americans
    a place were you work in a company for 30 years and get benefits sick days rewarded for having kids not just the goverment jobs
    were presidents would have fair trade agreements to protect its citizens
    wars would only be fought when we know who the enemys were not some towel head in a cave smokeing dope
    bankers were arrested as wel as congress for bankrupting america
    gee thats no america thats fanatsy land
    president bush just wrote a book chapter 1 threw 8 is coloring pages get ou your crayons

    ReplyDelete
  3. When I start to think about what's coming and I start to panic I sing this song over and over:

    Row, row, row your boat,
    Gently down the stream.
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    ReplyDelete
  4. Be 100% certain taxes and fees in Harrisburg will go up and up to pay for the irresponsibility of the elected criminals who run things in Harrisburg. Of course the Harrisburg sheeple will won't notice or care, they are busy with their tv shows and sports teams. That's what is important in our fantasy world here in the good ole usofa.

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