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The state is giving Harrisburg $4.3 million to make a $3.3 million general obligation bond payment and pay a financial adviser, the City has hired to help straighten out its finances.
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Governor Rendell and Mayor Linda Thompson joined state Rep. Ron Buxton, D-Dauphin County, and other officials to make an 11 a.m. announcement at a news conference in the state capitol. Rep. Buxton, state Treasurer Rob McCord and state Auditor General Jack Wagner helped craft the package that is assisting the City.
The majority of the money is coming from funds the state allocated for the city in its 2010-11 fiscal budget. The state is advancing the payments so the city doesn’t default on its Sept. 15 general obligation bonds and to help it hire a financial adviser who will draft a plan to help the city regain get back on its feet.CLICK HERE FOR BACKGROUND ON THIS ISSUE
Harrisburg is in this prediciment due to a $288 million in debt because of a failed 2004 incinerator retrofit. It missed an Aug. 15 deadline to make $35 million in bond payments on the incinerator.
The city is going to use $1 million from the state's fire protection assistance allocation and $2.6 million from its annual payment from the state’s Municipal Pension Assistance Fund. The rest of the money will include a $500,000 loan, a state grant and other money all to hire Chicago-based Scott Balice Strategies to draft the sorely needed recovery plan for the city.
If the capital city defaulted on the payment, it would not only hurt Harrisburg, it would make it harder for other municipalities in Central Pennsylvania to borrow. It also would affect the Harrisburg School District, the county and the surrounding areas, who also are facing financial challenges.
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