HARRISBURG—City Controller Dan Miller says he found out Wednesday the city might be able to make a debt-service payment of $2 million on the city's financially-troubled trash incinerator. That payment is coming due on March 1.
Miller says Assured Guaranty Municipal Corp., the company that insured the bond for the incinerator, has reported the money as being available.
"There are funds available in what's called a debt-service reserve fund," Miller explained. "That's like a little savings account that the Harrisburg Authority has related to these bonds. That's sufficient to make payment on this next payment," he said.
"I don't think that changes much," Miller added. "One payment's made, but we still have the same issue."
The issue is about $288 million in debt. City Council tried to tackle the issue during Saturday's budget hearing. Council voted 4-3 to keep the city from selling assets to raise $48 million for debt payments on the incinerator this year.
Some city council members say the Harrisburg Authority needs to handle the debt on its own, and it should not be part of the city's budget.
Many throughout city government continue to say every option, even bankruptcy, should be discussed to deal with Harrisburg's financial crisis.