Pennsylvania

HARRISBURG, Pa. - The City Council's latest rejection of a state-sanctioned financial workout has left Harrisburg scrambling to meet $3.3 million in general obligation bond payments due in two weeks and two more payrolls this month.

Pennsylvania Gov. Tom Corbett has held out both a carrot and a stick to Harrisburg.

Chester, which has been in Pennsylvania's Act 47 program for distressed communities, has received an A rating from Standard & Poor's.

Standard & Poor's assigned its BBB-plus long-term rating and stable outlook to Philadelphia Gas Works' revenue refunding bonds, the 20th series under the 1975 ordinance and 10th series under the 1998 ordinance.

Mayor Linda Thompson implored Harrisburg City Council members to approve her financial recovery plan, which will go before the council for a final vote at a special legislative session next Wednesday.

Moody’s Investors Service has placed the Baa1 rating on Lackawanna County’s $232 million of outstanding general obligation bonds under review for possible downgrade.

The Allegheny County Sanitary Authority sold $92.2 million of tax-exempt refunding Series 2001 sewer revenue bonds on Wednesday.

Harrisburg’s City Council will vote on its latest financial receiver proposal at an Aug. 31 special legislative session.

The Southeastern Pennsylvania Transportation Authority sold $201.6 million of tax-exempt capital grant receipts bonds, Series 2011.

The Internal Revenue Service has opened an audit of $31 million of health center revenue bonds issued in 2005 by the Lebanon County, Pa., Health Facilities Authority to refund bonds previously sold in 1999 for a retirement facility.

Harrisburg Mayor Linda Thompson warned that without a fiscal recovery plan in place, Pennsylvania's capital city would be unable to pay its nearly 500 workers in mid-September.

For the second time in two months, the Internal Revenue Service has disclosed it is broadening an audit of student loan securities, focusing on the position that student loans should not be reallocated to different bond issues.

Moody’s Investors Service confirmed the Aa1 long-term letter-of-credit-backed rating of Philadelphia’s Series 2009B general obligation multi-modal refunding bonds, affecting $100 million of debt.

Pittsburgh’s City Council has tabled a $91.7 million bond proposal aimed at saving about $3.6 million.

How to shape the development of natural gas extraction in Pennsylvania is now up to Gov. Tom Corbett, regulatory agencies and lawmakers, following the release of the full report of the governor’s Marcellus Shale Advisory Commission.

One city is a capital in a large state often considered a battleground in presidential elections. The other occupies a blighted square mile in the nation's smallest state.

The Philadelphia Housing Authority has selected a former Pennsylvania general counsel and former bond lawyer to lead the rebuilding of its general counsel office.

HARRISBURG, Pa. - The rejection by Harrisburg’s City Council of a financial recovery plan by a state-sponsored panel has Pennsylvania's capital city scrambling.

As discussion intensifies about drilling for natural gas in the Marcellus Shale region spanning four eastern states, a major talking point is suitable compensation for the counties and municipalities where drilling takes place.

Harrisburg's City Council will hold a special legislative session at 6 p.m. Tuesday to accept or reject a proposed financial recovery plan for Pennsylvania's capital city, which is saddled with $220 million of bonds outstanding on its incinerator.