News: Financially Distressed Municipalities Act

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Mayor: 'Tough decisions' face city's finances
Williamsport Sun-Gazette
According to Campana, the city is not currently in danger of being financially distressed, and he promised "financial planning" will remain a priority. ...
Mayors and Local Officials, Representing the PA League of Cities and ...PR-CANADA.net (press release)

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Published on Wednesday 10th of March 2010 09:04:19 PM Read more...

Greenville hires borough manager from Clairton
Sharon Herald
Clairton has been in Act 47 since 1988 and Greenville entered it in 2002. It's the state's debt recovery program for financially-distressed towns.

Published on Wednesday 10th of March 2010 09:04:19 PM Read more...


Lancaster Newspapers
Gray, Pa. mayors lobby for municipal tax reform
Lancaster Newspapers
... under the state's Act 47, which allows state officials to take some financial control. Yet, Gray said, that just buys time for distressed cities. ...

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Published on Wednesday 10th of March 2010 09:04:19 PM Read more...

Joint Tax Committee Offers Revenue Estimates
Bond Buyer
Most of the ARRA provisions are only in effect for bonds issued in 2009 and 2010, but municipal market groups have lobbied for their extension. ...

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Published on Wednesday 10th of March 2010 09:04:19 PM Read more...

Mayors and Local Officials, Representing the PA League of Cities and ...
PR Newswire (press release)
"At the same time, I am troubled by the fact that my city was recently declared distressed under Act 47 and sadly, many more municipalities are headed ...

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Published on Wednesday 10th of March 2010 09:04:19 PM Read more...

New Jeannette city clerk gets approval to freeze all spending
Pittsburgh Tribune-Review
The state law authorizes the Department of Community and Economic Development to declare a municipality financially distressed and set up a recovery plan. ...

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Published on Wednesday 10th of March 2010 09:04:19 PM Read more...

Saber Partners Renews Call for Transparency in Auction Rate Securities Markets
Earthtimes (press release)
Specifically, Saber renewed its call made in a proposal in July 2008 letter to the Municipal Services Rulemaking Board (“MSRB”), the regulator of the ...

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Published on Wednesday 10th of March 2010 09:04:19 PM Read more...

Bankruptcy offers no guarantees for city
The Tribune-Democrat
“The purpose of Chapter 9 is to provide a financially-distressed municipality protection from its creditors while it develops and negotiates a plan for ...

Published on Wednesday 10th of March 2010 09:04:19 PM Read more...


PennLive.com
Glenn Beck from Fox News cites Harrisburg as example of cities in trouble
PennLive.com
... state to declare the city financially distressed under Pennsylvania's Act 47. Under the act, a municipality works with the state Department of Community ...

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Published on Wednesday 10th of March 2010 09:04:19 PM Read more...

AGM: Harrisburg Agency Can Pay
Bond Buyer
... step before a local government can file for distressed city status under Pennsylvania's Financially Distressed Municipalities Act, known as Act 47. ...

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Published on Wednesday 10th of March 2010 09:04:19 PM Read more...

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