Summary
Pittsburgh will spend $3 million on lawyers, consultants and insurance to refinance a portion of its debt that will raise about $33.2 million through lower interest rates.
City budget officials negotiated deals with the underwriters PNC Capital Markets and J.P. Morgan Securities, both of which contributed heavily to Mayor Bob O'Connor's 2005 campaign for mayor.See the full content of this document
Extract
Briefs: City to Restructure a Portion of Its Debt
The refinancing was not open to a competitive bidding process because of "special circumstances" surrounding Pittsburgh's financial troubles, city officials said. The city's interest rate on some of its debt will decrease from 7 percent to 5 percent.
The measure passed 8-0 Wednesday with Councilman Bill Peduto absent. The council also OK'd taking on $50 million in new debt to pay for annual infrastructure upgrades, such as road repaving, through 2008.CityNorth SideMeeting to discuss Fowler Pool's reopeningThe Pittsburgh Project will have a community meeting from 6 to 8 tonight on the North Side to discuss the reopening of Fowler Pool.The meeting will be at the pool, 2438 Wilson Ave., in the Perry South neighborhood. If there is incl...See the full content of this document
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