Pittsburgh’s City Council gave preliminary approval Wednesday to a $220 million borrowing plan for the Pittsburgh Parking Authority that would help keep the city’s pension system out of state control.

Council members approved the bonding initiative in an initial vote with seven members in favor, one against, and one abstaining, according to city clerk Linda Johnson-Wasler. Mayor Luke Ravenstahl has said that he does not support the borrowing plan, but a seven-member vote overrides any potential veto of the proposal.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.