Scranton‘s revised recovery plan, which is supposed to be due today, will be late.
But the tardiness won’t mean much, Mayor Chris Doherty said.
“That’s not a hard deadline,” he said.
The deadline was imposed in January by a consortium of wary banks when they loaned the city an $11.5 million tax-anticipation note, because the banks wanted assurances that the city has a viable recovery plan to deal with its historical structural budget deficits and be able to repay any future loans, officials said.
While council members said Thursday a failure to meet the deadline technically could be considered a default, Mr. Doherty said there are no penalties for tardiness and the more important aspects are that the TAN is repaid and progress is made on a recovery plan.