Scranton Recovery Plan Won’t Meet ‘Soft’ Deadline

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.

Read more: http://thetimes-tribune.com/news/scranton-recovery-plan-won-t-meet-soft-deadline-1.1308000#ixzz1tXKaWkbb

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