Hey PHEN Harrisburg cannot file bankruptcy state to make city pay big.
|Anonymous Coward (OP)|
User ID: 5088704
11/23/2011 03:12 PM
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This could affect all cities. The Feds will make a city comply to codes. The state will add its new laws, a city to meet those obligations mandated by the laws will invest monies in new projects.
Then you TBTF banks like JPM will give you an unfair, for the city, loan. Your city will have to go in debt to pay for the mandated city upgrades. When you cannot pay you used to be able to claim bankruptcy and get new terms. Not any more.
This is the state enforcing your payments to the same banks than took massive payouts from the taxpayers and now you cannot even seek duress.