State Senate hearing to address municipal debt, swaps
The state Senate Local Government Committee on Monday will hold a hearing to discuss a bipartisan package of oversight legislation tied to municipal financial deals.
The committee will meet at 10 a.m. in Hearing Room 1 of the North Office Building in Harrisburg. The hearing will focus on Senate Bills 901, 902, 903 and 904, which pertain to the incurring of municipal debt and the use of interest rate swaps, as well as other financial instruments.
Harrisburg’s distressed incinerator project, which could go away with the passage of a final recovery plan due in court Sept. 19, was the impetus for the legislation.
The committee held hearings on the issue in 2012. This package was introduced in May.
Expected to testify are current and former government officials, as well as financial advisers and representatives from the legal and bond-underwriting industries.