City liquidating

But there are laws intended to prevent what occurred.And the forensic audit of the Harrisburg incinerator retrofit project claims those laws were not complied with.The audit identifies other problems with the 2007 borrowing, including the fact that millions of it went not to fix the incinerator, but rather to pay back the city and the county for debt payments they had made under their previous guarantee.Those reimbursements, the audit says, appear to have violated the terms of earlier bonds which lay first claim to reimbursement from the best, only a portion of the (previous borrowings) should continue to be characterized as self-liquidating.” “Despite these indications,” they note, “the city and the county provided guarantees of repayment.” They also filed “clean certifications,” keeping the past debt from counting against their legal limits.

According to Unkovic, “Many in the capital have treated the law simply as an ‘object’ or a ‘hurdle’ to be manipulated as necessary to accomplish a political goal.” The forensic auditors said, based on the documents available to them, “It appears that it should have been clear to the authority, the city, the county and respective advisors who worked on their behalf that ...The auditors speculate that “only a little over 40 percent” of that debt actually remained self-liquidating, despite the certification. A letter sent to the Authority by the commissioners’ attorney said the commissioners “disagree with much of the (audit’s) legal interpretations,” but the letter did not specifically address the 2007 self-liquidating status.Attempts to contact Reed and Mc Carthy for comment were unsuccessful.The Local Government Unit Debt Act, better known simply as “The Debt Act,” puts a limit on how much a city or county can borrow based on its tax base. If a city can convince the Pennsylvania Department of Community and Economic Development that a project for which it’s borrowing money will pay for itself, the new debt doesn’t count against that limit.Take a parking garage, for example: The fees generated each year from parking could reasonably be expected to cover the yearly payments on the loans taken out to build the garage in the first place.

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