The state-appointed financial custodian of Pennsylvania's financially troubled state capital says Harrisburg won't make installment payments for a fourth straight time on two series of general obligation bonds and notes.
The custodian, William Lynch, said Wednesday the city is skipping almost $3.5-million in payments due on Sunday. Lynch's office says Harrisburg's defaulted payments, including those due this month, exceed $17-million. It says the bond insurer, Ambac, is making the timely payments to bondholders and that Ambac has agreed to relax Harrisburg's repayment obligations required under the bonds.
A condition of the Ambac agreement requires Harrisburg to pay Ambac nearly $6-million by December 15th. That money is supposed to come from the proceeds of a pending transaction that leases the city's parking garages and lots to a state agency.
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