Pennsylvania HB509 amends the Municipalities Financial Recovery Act to require receiver approval for asset sales by distressed municipalities.

Pennsylvania HB509 amends the Municipalities Financial Recovery Act to modify the powers and duties of receivers in financially distressed municipalities. Specifically, it mandates that receivers require distressed municipalities to sell, lease, or otherwise dispose of their assets only if they obtain approval from 75% of the governing bodies of municipalities with service agreements or whose residents previously received water or sewer services from the distressed municipality.

Pennsylvania HB509 amends the Municipalities Financial Recovery Act to require receiver approval for asset sales by distressed municipalities.

Pennsylvania HB509 amends the Municipalities Financial Recovery Act to modify the powers and duties of receivers in financially distressed municipalities. Specifically, it mandates that receivers require distressed municipalities to sell, lease, or otherwise dispose of their assets only if they obtain approval from 75% of the governing bodies of municipalities with service agreements or whose residents previously received water or sewer services from the distressed municipality.