Refinancing Deadline Extended Third Time For Lancaster County Convention Center

Map of Pennsylvania highlighting Lancaster County

Map of Pennsylvania highlighting Lancaster County (Photo credit: Wikipedia)

For the third time, the deadline for the refinancing of the Lancaster County Convention Center’s debt has loomed and for the third time the deadline has been extended.

On Thursday, board members of the Lancaster County Convention Center Authority approved a 120-day extension of the terms of the $64 million debt agreement. The September 3 deadline was extended to January 2.

County Commissioner Scott Martin has been negotiating on the authority’s behalf with Wells Fargo, the sole bond holder, on the terms of a subsequent agreement.

“We’re going to need some additional time to dot the i’s and cross the t’s,” authority board chairman Kevin Fry said in announcing the extension.

Read more: http://lancasteronline.com/article/local/886288_Refinancing-deadline-extended-third-time-for-Lancaster-County-Convention-Center.html#ixzz2coPiuDDR

Altoona Area School District Finalizes Bonds

Map of Blair County, Pennsylvania, United Stat...

Map of Blair County, Pennsylvania, United States Public School Districts (Photo credit: Wikipedia)

The Altoona Area School District recently refinanced a bond series of $46 million for a net interest savings of more than $2 million.

The district’s favorable A-plus credit rating achieved by years of good financial management, a Standard and Poor’s rating services report stated, is one reason the district was able to reduce the original 4.36 percent interest rate and obtain the savings.

Market conditions providing 40-year low bond interest rates were another reason.

“The savings are higher than the estimate we had in September,” Business Manager Michelle Krebs said.

Read more:  http://www.altoonamirror.com/page/content.detail/id/566933/Altoona-finalizes-bonds.html?nav=742

Scranton City Council Introduces Budget, Takes Flak Over Pay Raises

In a split vote, Scranton City Council on Thursday introduced a $109.7 million budget for 2013 that contains a 12 percent property tax increase for residents and hikes in several other taxes, including a hoped-for commuter tax.

The council also took flak from some residents for hefty raises ranging between 19 and 33 percent in the budget for six employees, including council and administration solicitors, fire chief, business administrator and two administrative employees.

“This city is in such financial disaster. We’re close to bankruptcy and we’re giving raises up as high as 33 percent? It’s just an outrage,” resident Les Spindler told council. “This just cannot happen. You’re not going to raise my taxes and give these other people raises.”

Resident Tom Ungvarsky added, “I hope city council will reconsider and do what’s right by the residents.”

Read more:

http://thetimes-tribune.com/news/scranton-city-council-introduces-budget-takes-flak-over-pay-raises-1.1410310

Scranton Eyes $20 Million In Borrowing And Second Dedicated Tax Hike For 2013

Scranton City Council on Thursday unanimously introduced a $21 million bond ordinance to fund new debt and an increase in mandatory pension contributions and refinance old debt.

While the introduction was unanimous, council had questions about the bond proposal and agreed to ask administration officials to attend an upcoming caucus to explain it.

Mayor Chris Doherty wanted council to adopt on an emergency basis this legislation and another ordinance for a dedicated tax increase to pay for $9.75 million in unfunded debt, council President Janet Evans said.

However, because council received the ordinances late Wednesday, she said, council and its solicitor, Boyd Hughes, had not had enough time to review them and refused to enact them on an emergency basis – which requires introducing, advancing and adopting them all at the same meeting.

Read more:  http://thetimes-tribune.com/news/scranton-eyes-20-million-in-borrowing-and-second-dedicated-tax-hike-for-2013-1.1401050