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:
-âFailing to submit to the trustee an independent audit.
-âFailing to submit to the trustee an annual budget of facilities prepared by a consulting engineer.
-âFailing to keep financial records separate from city records and have them certified in an annual audit by city Controller Roseann Novembrino.
-âFailing 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