Harrisburg Receiver David Unkovic announced Friday that the City of Harrisburg will not be making its March dept service payments on two series of general obligation bonds and notes. The General Obligation Refunding Bonds, Series D of 1997 in the amount of $2,735,000 and Series F of 1997 in the amount of $2,530,000 were due on March 15th 2012 and are insured by Ambac Assurance Corporation._________________________From the OFFICE OF THE RECEIVER FOR THE CITY OF HARRISBURG________________________ Decision Made to Sustain Essential Services; Cites Resolve to Move Forward with Recovery Plan_______________________________rn rnHarrisburg ? David Unkovic, the Receiver for the City of Harrisburg, announced today that the city will not be making its March 15 debt service payments on two series of general obligation bonds and notes.__________________________________rn rnThe decision to withhold payment was made to maintain sufficient cash-flow to provide vital and necessary services._______________________________________________________rn rn?My first priority as Receiver is to ensure that vital and necessary services such as police and fire are maintained within Harrisburg during the state of fiscal emergency,? Unkovic said. ?The city will not be making these payments to ensure sufficient cash flow so the citizens of Harrisburg continue to receive essential services. The failure to make these payments does not diminish my resolve to move forward with the initiatives under the Recovery Plan.?___________________________________________________________rn rnThe payments which will not be made include $2,735,000 due on the city?s General Obligation Refunding Bonds, Series D of 1997 and $2,530,000 due on the city?s General Obligation Refunding Notes, Series F of 1997. The payment of principal and interest on such bonds and notes is insured by Ambac Assurance Corporation.____________________________________rn rn?The problems the city faces did not develop overnight and I am working hard to address these problems while maintaining the core functions of Harrisburg?s city government,? Unkovic said. ?This action will enable the city to continue operating and providing services while taking important steps to recover fiscal stability.?____________________________________________________rn rnOn Feb. 6, the Receiver filed his Recovery Plan for the city with Pennsylvania?s Commonwealth Court under the Municipalities Financial Recovery Act, known as Act 47. The Commonwealth Court held a hearing on March 1 to review the Recovery Plan, but has not yet acted on the plan.______________________________________rn rnArchive Video of David Unkovic Tags:Default Harrisburg GO Bonds Photo/Natalie Cake rnr