Headline: "Budget Crisis: City takes out $275M Loan" which refers to the deal Philadelphia has cut with JP Morgan. While the initial rate the city is paying is 3% interest, it pops up to 8% December 1st if the city doesn't repay the loan.
What Inquiring Minds want to know is this: What did the city put up as security and what's JP Morgan's plan if the city doesn't pay? A bank-owned city? Just gotta ask these things.
