Linda Thompson News
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Linda Thompson, the Harrisburg mayor who asked Pennsylvania to designate the state’s capital city as fiscally distressed in 2010, lost her re-election bid in the Democratic Party primary to a local bookstore owner.
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The U.S. Securities and Exchange Commission accused the city of Harrisburg, Pennsylvania, of making misleading statements to municipal bond investors as its financial condition deteriorated in 2009.
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Harrisburg’s City Council rejected Mayor Linda Thompson’s fiscal-recovery plan, putting state aid at risk and leaving Pennsylvania’s capital in financial limbo.
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Pennsylvania’s capital city must sell a debt-laden trash incinerator, lease its parking system and consider a tax on commuters if those measures aren’t enough to restore fiscal stability, Harrisburg Mayor Linda Thompson said.
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Harrisburg’s City Council has left residents of Pennsylvania’s capital wondering what will become of their struggling community, one so broke it may miss payroll, skip bond payments and face a state takeover.
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Harrisburg Mayor Linda Thompson requested enrollment in Pennsylvania’s recovery and oversight program for distressed municipalities, saying the capital city stands “on the precipice of a full-blown financial crisis.”
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Harrisburg’s leaders agreed to sell municipal assets as part of a plan to keep Pennsylvania’s bankrupt capital from becoming the state’s first city put under a receiver.
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Harrisburg Mayor Linda Thompson told the City Council that if they reject her fiscal rescue plan for Pennsylvania’s capital, she’ll make a $3.3 million bond payment next month and won’t have funds to cover municipal paychecks.
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Harrisburg’s City Council rejected a fiscal recovery plan, risking the loss of state aid and the Pennsylvania capital’s ability to pay bondholders and workers.
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Harrisburg, the Pennsylvania capital, may try within weeks to impose losses on creditors to solve a fiscal crisis that threatens its solvency and has landed it in state receivership. Such a move might prompt other distressed U.S. municipalities to pursue similar remedies.
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