Scranton City Council Reverses Course On Parking Bond Money

In a stunning about-face, Scranton City Council on Thursday voted to introduce a measure to cover a debt of the Scranton Parking Authority, only a week after refusing to do so and plunging it into default.

But it would appear to be only a temporary fix, as council solicitor Boyd Hughes cited a June 7 notice of default from bond trustee Bank of New York Mellon saying a takeover of the beleaguered authority is inevitable in 30 days because SPA has preliminarily defaulted on four other counts, including:

- Failing to submit to the trustee an independent audit.

- Failing to submit to the trustee an annual budget of facilities prepared by a consulting engineer.

- Failing to keep financial records separate from city records and have them certified in an annual audit by city Controller Roseann Novembrino.

- Failing to have an engineer perform an annual review of physical status of facilities.

Read more: http://thetimes-tribune.com/news/scranton-city-council-reverses-course-on-parking-bond-money-1.1326619

About these ads

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s