William Lynch has received a two-year extension to his term as state-appointed receiver for distressed Harrisburg, the Commonwealth Court of Pennsylvania confirmed.
In a Nov. 27 ruling, Justice Bonnie Brigance Leadbetter continued Lynch’s term until Dec. 1, 2015, “in view of the fact that the city of Harrisburg remains in a state of fiscal emergency [and] implementation of the fiscal recovery plan is necessary.”
Lynch’s press secretary, Cory Angell, said the state statute requires a two-year extension. Two years, he added, “is not a measure of the estimated time we believe the receivership to be needed. It is the desire of the receiver to only remain as long as necessary.”
The so-called Harrisburg Strong recovery plan shepherded by Lynch, a retired Air Force general, revolves around the sale of the incinerator -- which alone accounts for about $365 million of bonded debt -- and a 40-year lease of parking assets.
Leadbetter approved the recovery plan on Sept. 19.
Lynch and his advisory team hope to close bond sales for both transactions by the end of the year.
Next week, the Lancaster County Solid Waste Management Authority plans to price $132 million of tax-exempt revenue bonds to but the incinerator. Meanwhile, final approval from the Pennsylvania Economic Development Financing Authority is necessary for the city to complete a 40-year lease of parking assets valued at roughly $270 million.