Westfall Township, Pennsylvania filed a Chapter 9 bankruptcy petition in April, 2009 and the court confirmed a reorganization plan in March, 2010. According to the law firm that handled the case: Westfall Township, located in Pike County, PA, was saddled… Continue Reading →
The tables below are for contextual reference as state and local governments face draconian spending cuts. The combination of public policy with the several bubble periods over the last twenty-five years has created a toxic brew. Some state and local governments are… Continue Reading →
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 →
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 →
A blogsite, “Mish’s Global Economic Trend Analysis” recently aggregated a selection of news stories covering state and local government budget deficits and proposed layoffs. Click here to link to the post. There are a few differences between private sector layoff announcements and the public… Continue Reading →
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