Pennsylvania

The Internal Revenue Service has told the Philadelphia Authority for Industrial Development that it is auditing bonds the authority issued in 2005 for a charter school project in Philadelphia “because of information we received from external sources or developed internally that causes a concern” that there are tax-law violations.

Pennsylvania Gov. Tom Corbett released a $265 million advance to the teetering Philadelphia School District to help it fill a budget gap.

Escalating unfunded pension liability and bond-rating backlash will lurk as Pennsylvania's House of Representatives is set to reconvene at 1 p.m. Monday.

Having dropped the stigmatized Harrisburg Authority name, Capital Region Water of Pennsylvania is shooting for an investment-grade rating within 18 to 24 months. Meanwhile, the unrated is selling debt with the help of credit enhancement.

Moody's downgrade of Pennsylvania could precede more bond rating action against Pennsylvania as unfunded pension liability hovers over the commonwealth.

A water-rate increase much lower than what it sought is a credit negative for Bethlehem, Pa., said Moody's.

Gov. Tom Corbett's line-item veto of Pennsylvania's $29.1 billion budget jeopardizes the Harrisburg recovery plan, said state Sen. Rob Teplitz.

Gov. Tom Corbett deleted $72.5 million from lawmakers’ spending plan in a line-item veto while signing Pennsylvania's $29.1 billion budget and repeating his call for pension overhaul.

Lead Harrisburg plan attorney Mark Kaufman and his firm, McKenna Long & Aldridge, received an award for its financial restructuring of Pennsylvania's capital.

Gov. Tom Corbett said he would decide after holiday whether to sign a $29.1 billion Pennsylvania budget that does nothing about unfunded pension liability.

Pennsylvania lawmakers remained stalled over pension overhaul, for which Gov. Tom Corbett is pushing for passage.

Pennsylvania’s Senate on Monday afternoon was scheduled to resume debate over the House-approved $29.1 billion budget bill, amid a call for pension change by Gov. Tom Corbett.

Senate wrangling is next after Pennsylvania's House passed a $29.1 billion budget for fiscal 2015.

Pennsylvania's proposed $29.1 billion budget is headed to the House floor after its appropriations committee approved it.

The Philadelphia School District is hoping Pennsylvania will provide aid, as both the district and the state enter the final days of budget preparation.

The Securities and Exchange Commission has charged a Philadelphia-area private equity firm with violating pay-to-play rules by receiving advisory fees from the city and state pension funds following campaign contributions an associate made to state and local officials. It is the first case brought by the SEC under its pay-to-play rules for investment advisers.

S&P revised the outlook on its AA and AA/A-1-plus ratings on Delaware County Authority college revenue bonds, issued for Haverford College, to negative.

Philadelphia School District's Ba2 rating was placed on review for a downgrade by Moody's Investors Service, which cited a delay in approving the budget.

Adrian King Jr. will resign as Pennsylvania's first deputy attorney general and rejoin law firm Ballard Spahr as partner on June 16.

The inexorable drive to further underfund Pennsylvania's state-wide pension systems remains alive and well, under the guise of "pension reform."