Pa. Plans $106M Bond Sale For Harrisburg Building

Law360, New York (January 9, 2012, 5:57 PM EST) -- The Pennsylvania Economic Development Financing Authority plans to sell $106.4 million in bonds to buy an office building in cash-strapped state capital Harrisburg from the Dauphin County General Authority, according to a preliminary official statement filed Friday.

The transaction will transfer the ownership of the 400,000-square-foot building, called Forum Place, from the county to the state, alleviating some of the pressure on Dauphin County to repay about $60 million in defaulted loans it borrowed to buy the building in 1998.

After an unsuccessful attempt to restructure...
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