Officials in Pennsylvania’s capital had long hoped that an electricity-generating trash incinerator built in 1969 would yield a reliable revenue stream. But years of upgrades and repairs had put the city on the hook for more than $300 million in debt – more than three times the overall budget. Faced with strong opposition to tax hikes, the city council sought Chapter 9 protection in October 2011, but Gov. Tom Corbett (R) blocked the filing under state law and put a receiver in place to renegotiate the debts with creditors.
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Why is Christian Science in our name?
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Before Stockton: five other big financial crises for US municipalities
Here's a look at some of the most notable financial collapses and near-collapses for US municipalities over the years.
5. Harrisburg, Pa.
