PHILADELPHIA - September 1, 2009 Nutter says the short-term loan from JPMorgan Chase & Co. will
allow the city to pay about $200 million of the $225 million owed
to vendors. He says the rest of the loan will help the city keep
cash on hand.
Nutter says the city needs state lawmakers to pass a bill
allowing Philadelphia to temporarily increase the local sales tax
and defer some pension contributions. The bill is scheduled for a
vote by the state House Sept. 8.
If lawmakers do not act by Sept. 18, Nutter says about 3,000
city employees will be notified of layoffs to begin Oct. 2.
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