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 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
Dial N Deal - Friday July 18th 2014
Peavey Electric Guitar Six-string, lead guitar, with mini-amp, guitar stand - $100 FIRM Mark, Altoona SOLD Moving Sale Saturday July 19th 9am - 4 pm 1108 Holliday Hills Drive, Hollidaysburg Nice furniture and a few other items Large...
Read More
The 11th Hour - Guests & Topics - July 14th-18th 2014
Monday July 14th Dr. Gabe Mirkin Dr. Mirkin.com Dr. Gabe Mirkin on Fitness & Health Facebook page Dr. Mirkin on Twitter Tuesday July 15th David Ickes Wednesday June 11th including Blair County Strikes Back at Autism Friday...
Read More