Pennsylvania State Capital Mulls Bankruptcy as a Budget Option
Harrisburg, the capital of Pennsylvania, will consider Chapter 9 bankruptcy protection along with tax increases and asset sales as options to address $68 million in debt service payments due this year…
…The $68 million in debt service payments that Harrisburg faces in connection with the construction of a waste incinerator this year is four times what the city of 47,000 expects to raise through property taxes, and $4 million more than the city’s entire proposed operating budget.
...City Controller Dan Miller, who was vice president of the council until January, has advocated bankruptcy as an alternative to selling assets.
Harrisburg’s credit rating was lowered two levels below investment grade to Ba2 by Moody’s Investors Service in October. The city faces a $164 million deficit over the next five years, mostly because of debt created by the incinerator…
Dunstan McNichol
Bloomberg
2/4/10
Remember Greensboro’s $500,000,000 incinerator idea?
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I hate to hear that it turned out that way for them. I think the idea is certainly worth consideration but I was concerned with the matter-of-fact attitude that our former mayor displayed regarding this new technology.
To me it seemed that she was against carting trash to the landfill, unless it is equipped with new technology. I feel that she was playing both sides rather than looking at the issue objectively.
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