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Hartford Gets a Bailout From the State

March 23, 2018 By Staff
Hartford Gets a Bailout From the State

More than half-a-billion dollars in taxpayer money will go to paying off Hartford's debts.

This week, the state put together a package to bail out Hartford. Hartford Business Journal reported:

The state is offering to pay off Hartford’s approximately $550 million general obligation debt over the next two decades, a mayor’s office spokesman said.

Under the proposed plan, Connecticut taxpayers will pick up the tab for Hartford’s general debt obligations, “approximately $550 million,” over the next two decades:

Mayor Luke Bronin is asking city councilors to sign off on a proposed financial assistance on Monday, just in time for an upcoming $12 million debt payment that’s due April 1.

Hartford’s fiscal mess, under gubernatorial candidate Mayor Luke Bronin (D-Hartford), is well-documented.

During Connecticut’s heated budget crisis last year, Hartford was edging towards bankruptcy. Under this new plan, Hartford was placed under state oversight in January 2018:

In exchange for the extra funds, Hartford was placed under state oversight in January. That oversight board will review budgets, contracts and labor agreements. Hartford also can’t issue new bonds without the group’s permission.

As reported by The Hartford Courant, Bronin is proud of the results, saying:

“This is the kind of long-term partnership we’ve been working for and I’m proud that we got it done,” Mayor Luke Bronin said Thursday.