Long-troubled Harvey, IL, makes a formal distress declaration – The Bond Buyer

Long-troubled Harvey, IL, makes a formal distress declaration – The Bond Buyer

The city council of Harvey, Illinois, voted to declare the long-troubled city distressed in a bid for state oversight, as Mayor Christopher J. Clark warned of an impending city government shutdown. The vote clears the way for the state to assume financial control of Harvey and possibly, city leaders hope, to bail the city out. But the tools the distress declaration makes available may not meet the magnitude of Harvey's financial problems.