Financially Distressed Municipalities Act
The Financially Distressed Municipalities Act (Act of 1987, P.L. 246, No. 47), also known as Act 47, is a Pennsylvania statute outlining procedures to stabilize municipalities in Pennsylvania undergoing financial distress. The Act empowers the Pennsylvania Department of Community and Economic Development to declare certain municipalities as financially distressed. It provides for the restructuring of debt of financially distressed municipalities, limits the ability of financially distressed municipalities to obtain government funding; authorizes municipalities to participate in federal debt adjustment actions and bankruptcy actions under certain circumstances; and provides for consolidation or merger of contiguous municipalities to relieve financial distress.
Bill PedutoChapter 9, Title 11, United States CodeChester,_PennsylvaniaClairton,_PennsylvaniaDuquesne,_PennsylvaniaEconomy of PittsburghFarrell,_PennsylvaniaGeographic contiguityGreenville,_PennsylvaniaJoe SchemberMillbourne,_PennsylvaniaNanticoke,_PennsylvaniaPennsylvania Department of Community and Economic Development
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Financially Distressed Municipalities Act
The Financially Distressed Municipalities Act (Act of 1987, P.L. 246, No. 47), also known as Act 47, is a Pennsylvania statute outlining procedures to stabilize municipalities in Pennsylvania undergoing financial distress. The Act empowers the Pennsylvania Department of Community and Economic Development to declare certain municipalities as financially distressed. It provides for the restructuring of debt of financially distressed municipalities, limits the ability of financially distressed municipalities to obtain government funding; authorizes municipalities to participate in federal debt adjustment actions and bankruptcy actions under certain circumstances; and provides for consolidation or merger of contiguous municipalities to relieve financial distress.
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The Financially Distressed Mun ...... to relieve financial distress.
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The Financially Distressed Mun ...... to relieve financial distress.
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Financially Distressed Municipalities Act
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