Business Services Industry
Harrisburg sells $6.5 million in utility liens to Captial Asset Research Corp
Business Wire, Dec 18, 1996
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Dec. 18, 1996--The Harrisburg (Pa.) City Council voted Tuesday night to approve the sale of 1900 utility liens, valued at $6.5 million, to West Palm Beach based Capital Asset Research Corp.
The measure passed by a vote of 6-0. The announcement was made jointly by Harrisburg Mayor Steven Reed and Capital Asset director of business development Jim Banford.
The lien sale was made through a negotiated transaction to alleviate Harrisburg of $6.5 million in utility-specific municipal liens, including money owed for water, sewer, refuse and demolition delinquency. The sale will provide Harrisburg with an immediate cash infusion, which the city plans to use to remedy budgetary shortfalls. Mayor Reed feels that the sale will ensure that Harrisburg residents who pay their bills receive their fair share of services. "It is enormously unfair to utility customers who do pay their bills that they are unwittingly subsidizing and paying for those who do not pay," said Mayor Reed.
Banford said that Harrisburg residents will benefit from a decreased risk of future utility rate increases and the assurance that all citizens will pay their fair share. "Harrisburg citizens who pay their municipality utility bills will no longer have to subsidize the people who don't," said Banford. "Municipalities across the country are realizing that city budgets are too tight to lose valuable cash flow to delinquent tax and utility bills."
Capital Asset Research Corp. is a provider of financial services to county and municipal governments and is the nation's largest purchaser and servicer of real estate tax lien certificates. The company is a pioneer in this field and was recently awarded a contract from the City of New York to co-service over $215 million in real estate tax lien certificates. Capital Asset has purchased over $1 billion in tax lien certificates to date with a compounded annual growth rate expected to exceed $3 billion in 1999.
For further information on Capital Asset Research Corp., please contact Jim Banford at 561/689-9700.
CONTACT: Communications Group
Larry Getlen, 561/392-2300
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