ADVERTISEMENT

Harrisburg to Miss Another Round of Bond Payments



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.

Filed Under :  
Topics : Business_Finance
Social :
Locations : HarrisburgPennsylvania
People : Another RoundWilliam Lynch
A   A   A
 
The 11th Hour - Guests & Topics - July 28th - August 1st 2014
Monday July 28th Tuesday July 29th David Ickes Wednesday July 30th including The 30th Annual Blair County National Night Out Tuesday August 5th The Antique Depot, Duncansville Thursday July 31st Adam Conrad - Real...
Read More
Dial N Deal - Friday July 25th 2014
Dell Computer Monitor 25" flat screen, new/factory refurbished, works well - $50 Nissan Factory Alloy Wheels set of 4, 16", like new, taken off new vehicle for mod, fits Exterra and Pathfinder, model years 2005 and up - $350 OBO Scott, Altoona...
Read More
The 11th Hour - Guests & Topics - July 21st-25th 2014
Monday July 21st James B. Huntington, PH.D Choosing a Lasting Career The Job-by-Job Outlook for Work's New Age Work's New Age Blog Tuesday July 22nd David Ickes Wednesday July 23rd including "Weird Al" Yankovic on his new...
Read More