Council Pulls Reins On Refinancing Efforts

The City of Pittsburgh is taking a step back in it's efforts to refinance debt. Shaky financial markets are the culprit and may prevent the city from obtaining nearly $3 million in savings. To add to the questions looming over the city's refinancing efforts, city council will be taking it's summer recess shortly and they have the final say in whether or not any refinancing will be done. Council is considering the idea of a special resolution that would transfer that power to the mayors office, but council member Bill Peduto says they are in a wait and see mode as of this point.