Philadelphia will look towards addressing an estimated $450 million deficit over the next five years as the city anticipates declining business-tax revenues and growing pension costs.

In addition, Mayor Michael Nutter last week announced that the city will not go forward with a planned $4.5 billion pension bond deal until market conditions improve, with officials now hoping to sell the taxable bonds by June 30, the end of fiscal 2009. JPMorgan and Citi are the co-senior managers on the transaction.

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