Here’s a clip from the California League of Cities concerning AB 155. AB155 (and its parallel, SB88) briefly, would prevent California cities from filing bankruptcy without going through the state — California Debt Investment Advisory Commission (CDIAC). Numerous other states have… Continue Reading →
Here’s a good, local clip about the Harrisburg bond/incinerator problem:
Harrisburg, Pennsylvania can’t really afford to pay for the Resource Recovery bonds that it guaranteed. Their recently adopted 2010 budget does not include debt service for this guarantee (see prior post with link). It is accepted practice for rating agencies… Continue Reading →
This link from a recent release by the Brookings Institution, Robert Puentes comments on the New Jersey and Virgina transportation funds. New Jersey’ transportation trust fund will be spending all of its revenues on debt service by 2011; Virginia’s new… Continue Reading →
See attached item from Reuters: http://www.reuters.com/article/idUSTRE61D27C20100214 Click on article title to get the link (sorry for the clunkiness) Hat tip to Mayraj Fahim.
Several states are showing scary illiquidity. New Jersey’s governor just yesterday impounded funds the legislature had already appropriated and announced a state of emergency. He stopped short of “declaring” emergency, which would have given him special powers over contracts. New… Continue Reading →
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