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Article: Higher debt the price for $12 million: County officials' views differ on restructuring plan devised by J.P. Morgan.
- Article from:
- The Times Leader (Wilkes-Barre, PA)
- Article date:
- November 14, 2006
CopyrightCOPYRIGHT 2006 The Times Leader. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jennifer Learn-Andes
Nov. 14--Luzerne County Commissioners plan to vote tomorrow on a debt-restructuring package that would provide $12 million now in exchange for higher debt repayments down the road. Here's how it would work, according to paperwork released during Monday's work session: In 2006, the county would receive $1.46 million and not pay a $5.55 million long-term debt payment -- a benefit that totals $7 million. Next year, the county would pay $10.45 million in long-term debt instead of the scheduled $15.7 million payment -- a benefit of $5.3 million. The county's payoff for this $12 million kicks into high gear in 2021. Payments ...