Tag: Harvey

Judge: Pension fund can’t claim Harvey, Illinois’ federal ARPA aid

Mary Pat Campbell

Link: https://www.bondbuyer.com/news/judge-pension-fund-cant-claim-harvey-illinois-federal-arpa-aid

Excerpt:

A state judge refused to block distribution of Harvey, Illinois’ share of American Rescue Plan Act federal coronavirus aid relief funds after rejecting a pension fund’s claim to the money.

The financially stressed Chicago suburb, which has battled over the last decade with its public safety pension funds, Chicago, and bondholders over its obligations, settled a legal dispute in 2018 with its police and firefighters’ pension funds over past due payments. The settlement gives the funds a share of various funding that flows through the state government.

The firefighters’ fund recently sued Harvey to stake a claim to the ARPA money, arguing it is subject to the 10% claim on city tax and aid funds that are sent directly to the pension fund under the 2018 settlement. The fund asked the court to enjoin Comptroller Susana Mendoza, whose office manages the state’s pension intercept program, from distributing any funds until the case was argued.

Author(s): Yvette Shields

Publication Date: 28 June 2021

Publication Site: Bond Buyer

Harvey, Illinois’ ARP relief dragged into pension fund conflict

Mary Pat Campbell

Link: https://www.bondbuyer.com/news/harvey-illinois-arp-relief-dragged-into-pension-fund-conflict#new_tab

Excerpt:

A Harvey, Illinois, pension fund claims it’s entitled to share in the Chicago suburb’s American Rescue Plan funds and wants to block the distribution of aid until a judge decides.

The financially stressed suburb south of Chicago, which has battled over the last decade with its public safety pension funds, the city of Chicago, and bondholders about its obligations, settled a legal dispute with its police and firefighters’ over past due payments in 2018.

The Firefighters Pension Fund is now staking a claim on Harvey’s share of the $350 billion for local, state and tribal governments in the coronavirus relief package President Biden signed in March, arguing Harvey’s share is subject to the 10% claim on city tax funds that flow through the state and are sent directed to the fund the city agreed to in a 2018 settlement.

Author(s): Yvette Shields

Publication Date: 14 May 2021

Publication Site: Bond Buyer

Harvey, Illinois, faces renewed scrutiny of 2014 SEC consent agreement

Mary Pat Campbell

Link: https://fixedincome.fidelity.com/ftgw/fi/FINewsArticle?id=202101211503SM______BNDBUYER_00000177-2650-dd2a-a17f-f7d29f810001_110.1#new_tab

Excerpt:

A federal judge ordered Harvey, Illinois, to rehire a consultant and prove the status of management reforms the city agreed to in a 2014 consent judgment that settled charges the Chicago suburb fraudulently used bond proceeds.

After a series of communications over the last year about the status of the impoverished city’s compliance, the Securities and Exchange Commission dragged the city back to court in October.

Author: Yvette Shields

Publication Date: 21 January 2021

Publication Site: Fidelity

Original Publisher: Bond Buyer