- Published: Wednesday, May 03, 2017 04:25 PM
HARVEY– Senator Napoleon Harris (D-Harvey) has helped protect taxpayers in Harvey and Dolton by working with local elected officials and bond holders (including Assured Guaranty) to avoid costly litigation and make payments on millions of dollars defaulted bonded debt.
Both Harvey and Dolton missed their last debt service payments on municipal bonds that funded construction and operational services in the two municipalities. Harvey faced a May 1 deadline to make its most recent debt payment, and Harris is working to ensure that commitment is fulfilled.
The tax bases of both Harvey and Dolton have been adversely affected by the declining economy and foreclosures. Both problems made it more difficult for the communities to make their bond payments, Harris said.
Senator Harris worked with officials from both towns to meet their capital market financial obligations.
“I appreciate the work of Harvey and Dolton leaders for focusing on the urgent financial issues affecting their communities,” Harris said. “I plan to work on legislation to help permanently protect South Suburbs taxpayers by prioritizing the payment of debt service on bonds.”
Harris said he expects to introduce legislation later this year.