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 In Bankruptcy In The News, Blog

According to Harrisburg Mayor Linda Thompson, the program is an alternative to filing for bankruptcy and she supports the decision.  If the city moves forward, it would be the 20th city in Pennsylvania that is currently enrolled in the program.  Known as Act 47, the program discourages cities from filing for bankruptcy by allowing cities, municipalities and towns to create long-term plans to rebuild their finances.

When asked about the decision, Democratic City Councilman Brad Koplinski said, “It’s important to get all the facts on bankruptcies, we’ve had a great number of mistaken impressions about [them] in general.”

Earlier, the council called an emergency session to vote on the sale of $4 million of short-term notes. The sale was later canceled when the council was able to find an alternative way to meet its payroll needs for teachers, transit workers and parking attendants.

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