Pennsylvania’s unpaid bills are piling up, and the state is about $375 million short of funds needed to pay contractors and vendors on infrastructure projects, Budget Secretary Mary Soderberg warned yesterday.
Gov. Edward Rendell’s administration cannot head to market with a $775 million, new-money general obligation bond sale until the legislature passes the Capital Debt Act. As much as 80% of the sale will consist of taxable Build America Bonds and officials are hoping to sell the debt by the end of December. But for that to happen, lawmakers must approve the borrowing plan early next week.