Financially Distressed Municipalities Act

Act 47 Financial Distress - PA Department of Community ...

Under Act 47, DCED has a responsibility to assist Pennsylvania municipalities that are experiencing severe financial difficulties.

Financially Distressed Municipalities Act - Wikipedia

Act 47, is a Pennsylvania statute outlining procedures to stabilize municipalities in Pennsylvania undergoing financial distress.

MUNICIPALITIES FINANCIAL RECOVERY ACT

Upon an indication of distress in a municipality through information available to the department, the department shall request data, reports and information ...

1987 Act 47 - PA General Assembly

(2) It is the intent of this subsection that distressed municipalities be considered for relief from regulatory mandates that, due to financial distress or the ...

The Municipalities Financial Recovery Act of July. 10, 1987, PL 246 ...

Provide resources to assist municipalities that are facing financial distress; · Declare certain municipalities distressed; · Reform the debt of financially ...

Act 47 - PA Department of Community & Economic Development

Overview. Provides loan and grant funds to financially distressed local governments as well as technical assistance to formulate financial recovery plans.

PA HB1423 - BillTrack50

This bill amends the Municipalities Financial Recovery Act to modify the requirements for municipal approval of a distressed municipality's sale, lease ...

12 Pa. Code Chapter 115. Financially Distressed Municipalities ...

(ii) A creditor with matured claim to whom the municipality owes at least $10,000 if the creditor agrees to forbear legal action under section 202(3) of the act ...

65 ILCS 5/ Illinois Municipal Code.

8-12-18. The financially distressed city shall meet its debt service obligations as they become due. No other expenditure shall be made by the city ...

Act 47 of 1987 Municipalities Financial Recovery Act Task Force

In 1985, the Local Government Commission created a task force to examine municipalities experiencing economic and fiscal distress as a result of structural ...

65 ILCS 5/ Illinois Municipal Code.

Sec. 8-12-1. This Division 12 may be cited as the Financially Distressed City Law.

Financial Reform for Municipalities in Illinois

1 See Local Government Financial Planning and Supervision Act, 50 ILCS 320/1 et seq. 2 See Financially Distressed City Law, 65 ILCS 5/8-12-1 et seq. Page 2 ...

Municipal Assets in Distress (MAD) Task Force - Alston & Bird

§ 320/1 et seq. Municipalities with more than 25,000 citizens may seek debt restructuring though the. Financially Distressed City Law. Indiana. No*.

Pennsylvania State Law Aka Act 47 | Bernstein Burkley

Under the state law, a distressed municipality attempts to cut expenses and increase revenue in an effort to pay off its debts. The result is ...

Rags to Bridges: Pittsburgh's Climb Out of Financial Distress - About

Under Act 47, the distressed municipality must appoint a coordinator, typically an employee of the municipal district or an outside consultant.

Fiscally Distressed Municipalities | LLA - Legislative Auditor

We began monitoring and listing municipalities whose fiscal distress may limit their ability to continue to provide basic services (utilities, police ...

Financially Distressed Cities, Villages and Townships (FDCVT)

The purpose of the grant program is to provide grants to financially distressed cities, villages, or townships with one (1) or more conditions that indicate ...

How the Act 47 Program is Failing Pennsylvania's Municipalities

As of 2014, 19 states have passed fiscal emergency laws to address financial distress within their municipalities. Among those 19 statutes, ...

Municipal borrowing costs and state policies for distressed ...

When a municipality is financially distressed and unable to meet its debt obligations, it can file for Chapter 9 bankruptcy in a federal court provided that the ...

Distressed Municipalities - CT.gov

Updated annually, the Distressed Municipalities' lists identify the state's most fiscally and economically distressed municipalities and are used by state ...