FOR IMMEDIATE RELEASE
Contact: Matt Maisel, Director of Communications
WHAT: City of Harrisburg leaders will hold a press conference Thursday morning, hours after an $8.3 million wire transfer is expected to go through to AMBAC Assurance.
WHERE: MLK City Government Center Atrium, 10 N. 2nd Street, Harrisburg, Pa.
WHEN: Thursday, March 16, 11 a.m.
WHO: Mayor Wanda R.D. Williams
Treasurer Dan Miller
Deputy Controller Bill Leinberger
Accounting Manager Bryan McCutcheon
WHY: The City has held debt towards AMBAC since 2011, as a result of spending by the Reed Administration and ensuing debt which started in 1997. After years of minimal debt payments and therefore, interest-led rising debt, the Williams Administration paid off the remaining Series D&F Bond payments in September, and more than $20 million in debt payments to AMBAC since December. This will be the final debt payment, marking the first time the city has been fully debt-free from former administrative spending in more than 25 years. Money which will no longer need to be set aside to make debt payments will be able to go towards the General Fund, and city improvement projects.