Bipartisan Harrisburg Bond Holder Bailout Bill ACT 79 of 2011 Oct 20 2011 SB 1151 Municipalities Financial Recovery Act empowered the Governor to take over Harrisburg’s finances and prevent Harrisburg from filing for bankruptcy protection and to protect Harrisburg’s Debtors, Bond Holders from the shellacking they would take in bankruptcy court, perhaps, up to half of the debt, a$150,000,000 loss.
The City of Harrisburg voted in elected officials who made bad decisions. There is no reason that The Forgotten Taxpayers of Pennsylvania should bail out the Harrisburg Bond Holders, or the Voters who voted in the officials who made the mistakes.
37 YEAs in Senate and 13 NAYs, all of which were Democrats (The Forgotten Taxpayer says: “thank you, Democrats”) and in the House 177 YEAs and 18 NAYs 5 Republicans Emrick, Krieger, Metzger, Reese and Swanger and 14 Democrats (including, Bradford and Briggs Shapiro and Vitali).
The Forgotten Taxpayer Is Forced to Bail Out Billionaire Bond Holders – Lobbyists Win; Taxpayers Lose