donnay
10-20-2011, 08:39 PM
Harrisburg, Penn., put into receivership
20 October 2011, by Val Brickates Kennedy - Boston (MarketWatch)
http://www.marketwatch.com/story/harrisburg-penn-put-into-receivership-2011-10-20
Pennsylvania Gov. Tom Corbett has signed legislation that allows him to place the state's financially-crippled capital, Harrisburg, into receivership, the Associated Press reported Thursday.
Under the new law, Corbett will have the authority to appoint a receiver to manage Harrisburg's finances, which could include the selling of city assets.
The receiver, however, would not have the power to raise taxes. Harrisburg is teetering on the brink of financial collapse, burdened by a $300 million debt tied to a municipal trash-incinerator project.
With state receivership looming on the horizon, Harrisburg officials recently filed a petition in federal court for the city to enter into Chapter 9 bankruptcy proceedings.
A hearing on the petition is scheduled for Nov. 23, the AP added.
20 October 2011, by Val Brickates Kennedy - Boston (MarketWatch)
http://www.marketwatch.com/story/harrisburg-penn-put-into-receivership-2011-10-20
Pennsylvania Gov. Tom Corbett has signed legislation that allows him to place the state's financially-crippled capital, Harrisburg, into receivership, the Associated Press reported Thursday.
Under the new law, Corbett will have the authority to appoint a receiver to manage Harrisburg's finances, which could include the selling of city assets.
The receiver, however, would not have the power to raise taxes. Harrisburg is teetering on the brink of financial collapse, burdened by a $300 million debt tied to a municipal trash-incinerator project.
With state receivership looming on the horizon, Harrisburg officials recently filed a petition in federal court for the city to enter into Chapter 9 bankruptcy proceedings.
A hearing on the petition is scheduled for Nov. 23, the AP added.