Hartford Gets a Bailout From the StateMarch 23, 2018
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.
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.
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.
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