Debate over how much power Philadelphia's new oversight board will wield is delaying the city's long-awaited deficit bond sale, and city officials say a final plan is not expected until late September.

Before the board can sell deficit bonds on the city's behalf, it must negotiate an "intergovernmental cooperation agreement," specifying the extent of its power. The board, which was established in June to rescue the city from its chronic cash-flow crises, must also approve a five-year financial plan for Philadelphia.

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