Negotiators failed to reach agreement last week on how much power Philadelphia's new oversight board will wield, leaving officials without a proposal to submit to the city council on Friday as originally planned.

The inability to reach an agreement on the pact threatens to delay again a deficit bond sale city officials say must take place by late October to avert insolvency. The board, known officially as the Pennsylvania Intergovernmental Cooperation Authority, must approve the power-sharing agreement before the bonds can be sold.

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