The Harrisburg receivership team and the many parties relevant to the city's financial recovery efforts were spending Friday tidying up documents in anticipation of closing a plan aimed at keeping Pennsylvania's capital city out of bankruptcy.
The team still anticipates a Monday closing, according to Cory Angell, the press secretary to state-appointed receiver William Lynch.
"They're on track for Monday. It appears to be steady," Angell said Friday.
Lynch's team, which includes financial advisor Steven Goldfield of Public Resources Advisory Group and lead attorney Mark Kaufman of McKenna, Long & Aldridge LLP, filed eight documents with the Commonwealth Court of Pennsylvania on Thursday, mostly titled "supplemental exhibits to modified recovery plan."
The Dauphin County commissioners on Wednesday approved various settlements related to the so-called Harrisburg Strong plan, which Commonwealth Court Justice Bonnie Brigance Leadbetter verbally approved on Sept. 19.
"The documents are, if not in final shape, they're very close, particularly the major ones. There are a few of the small vendor agreements that have yet to be in final shape, but we expect to do that within the next couple of days," said Charles Zwally of Mette, Evans & Woodside and special counsel to the county.
"Christmas will come a couple of days early for the solution to the single greatest crisis in the history of our region," said Dauphin County Commissioner Mike Pries. "I don't know what I'll do next year now that this is done."
The Harrisburg City Council on Tuesday also approved some late housekeeping changes to the parking deal. Several suburban communities throughout the week approved a settlement related to accusations that Harrisburg for years overcharged on sewer rates by about $25 million. Susquehanna Township's authority was scheduled to vote on it Friday.
The recovery plan hinges on the sale of the city incinerator - whose bond-financing overruns are central to the city's debt crisis - to the Lancaster County Solid Waste Management Authority and a 40-year lease of parking assets to Harrisburg First, a consortium of Guggenheim Securities, Piper Jaffray & Co., Standard Parking Corp. and Trimont Real Estate Advisors.
Lancaster sold nearly $130 million of bonds Dec. 9 and 10 to finance the transaction. Dauphin County backed one tranche with its general obligation guarantee, while another had a double-barreled guarantee from the county and Assured Guaranty Municipal Corp.
On Wednesday, the Pennsylvania Economic Development Financing Authority issued $287 million of parking revenue bonds. Guggenheim Securities LLC conducted a lengthy investor road show, including Internet sessions, in advance of the show.
Pennsylvania placed Harrisburg into receivership in November 2011 after a federal bankruptcy judge invalidated the City Council's Chapter 9 filing. Lynch succeeded David Uncovic as receiver in May 2012.
