Law360, New York (June 29, 2011, 6:39 PM ET) -- The Pennsylvania State Senate approved a bill Tuesday that would allow the state to take the financial reins and thwart bankruptcy in the troubled city of Harrisburg, which has been facing a possible municipal bankruptcy after it defaulted on its debt.
The chamber passed amendments to the Municipalities Financial Recovery Act in S.B. 1151 by a 29-21 vote, allowing the state to appoint a three-member board to implement a proposed recovery plan if Harrisburg does not enact the plan itself. The measure also prohibits the city...
Pa. Senate Adopts Bill To Thwart Harrisburg Ch. 9
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