Pennsylvania gubernatorial candidate Mark Singel chose not to halt a controversial refunding of certificates of participation last year after state officials warned that canceling the deal would damage Pennsylvania's credibility in the municipal market.

Singel, a Democrat and the stat's lieutenant governor, is locked in a close race with Republican state Sen. Tom Ridge. In recent weeks, the deal has come under federal scrutiny and inspired Republican criticism of Singel.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.