Harrisburg, Pennsylvania, Set to Default on $5.27 Million GO Bond Payments - Bloomberg
"Harrisburg (9661MF), Pennsylvania’s insolvent capital, says it will miss general-obligation bond payments for the first time next week as its receiver seeks approval for a plan to sell assets.
The city, carrying a debt load of more than five times its general-fund budget, will miss $5.27 million in bond payments due March 15 on $51.5 million of bonds issued in 1997, according to a notice its receiver posted on the Electronic Municipal Market Access system, a database for filings by debt issuers."
Harrisburg was not allowed to go bankrupt under Chapter 9. Instead the city's finances were put in the hands of a receiver. And now all kinds of bad things loom on the horizon for the city and its employees.